Question: My company has an approved related party transfer pricing methodology in place with US and CA tax authorities in the form of an Advance Pricing Agreement. For those members who have APAs in place, I’d like to know if, and under what circumstances, they let US Customs know of their APA’s existence. If […]
Question: We are an oilfield services company moving drilling and downhole measuring equipment via intercompany (non-sale) transactions. In most cases an intra- company holding company leases subject equipment to our field offices for work in various countries. Customs in most countries (including the US) allow us to make entry net book (depreciated) value of the […]
QUESTION: I would like to ask the membership if anyone can confirm if “handling charges” would be an addition to Transaction Value when identified as a separate line item on the commercial invoice. Are they to be treated as “packing costs”? ********************
Question: I have recently been hired as a TC analyst in my new company. I have been conducting audits to verify values. One of the types of products we import are tolled products. I have been asking questions about the valuation policy for Tolled goods. I am told that there is no value for the […]
Question:We have a supplier who is providing a volume discount on certain products we import . The discount will be taken 12 months after the initial product is imported and the discount amount will vary depending on the number of units purchased during the calendar year. Initially we will pay the supplier the full about […]
Question: Please advise how to value a machine that currently has no value on the books…it has been sitting in a foreign warehouse for about six years because it didn’t work at first. The company went out of business. Now we found someone to repair the machinery. Original cost was about 600K. The value of […]
uestion: Our company’s internal policy on payment for overages and shortages is thatif the supplier over ships, or short ships, by 5% that our accountingdepartment will not claim the variance with the supplier, but will pay theinvoice as billed. The argument is that the costs associated with disputingsuch variances will outweigh the benefits, and that […]
Question: can anybody give some guidance about what valuation to use when sendingwarranty replacements free of charge for the end user to Israel? Cost of goods sold? Sales value?
Question:Transaction value question: It turns out that my predecessor set up a double invoicing method. There is a proforma invoice which shows the values declared to US Customs. These values are our cost for the goods. Sometimes when our customer handles the entry, they show our sell cost for the goods. When I got here […]
Question: Does anyone have any update on the status of the First Sale Rule? Congress requested that CBP monitor all First Sale imports. It was mandated that all IORs using the First Sale Rule had to flag their imports from Septemebr 2008 to August 2009. What was the result of the study? Where is CBP […]
Question:I have heard reference to trade compliance departments needing to know the different chart of accounts or general ledger accounts as an indication of good control procedures. My assumption is that these can be used to justify the valuation of imported goods and as a good source of identifying vendors/suppliers outside the US. My ssumption […]
Question: Is there any one in the group importing containers under FOBterms but deducting certain costs paid by the vendor such as terminalhandling charges, foreign inland freight charges, port security fee, etc? If so, would they be able to show any comments on how they set the programupto ensure the U S broker had all […]
