We have negotiated a first cost, $5.00, for the production of widgets.This cost includes a dutiable charge of $1.25/widget based on ordering aminimum of 100 widgets daily. If our daily orders total less than 100 widgets the factory will send usan additional invoice quarterly to cover the minimum requirements. I amneeding the memberships guidance […]
I need your expertise. I am studying for the broker license and stuck withthis question. The answer is E but I don’t know how …. please help. 47. What is the transaction value (rounded to the nearest dollar) of ashipment with details as follows:$16,050 CIF NY, Duties and Merchandise Processing Fee (MPF) paidPrice Includes: $3000 […]
I have a question regarding intercompany transfer. The situation is our manufacture parts we sell domestically a customer is returning some that are un-used, they didn’t need or want them anymore. We do not want to put them back into inventory as they are an older version. My question is because they are not back […]
A vendor recently shipped a certain quantity of item A with an agreed uponpurchase price reflected on the invoice for those goods. The vendor shippedan additional quantity of item B which was not ordered, and listedas “F.O.C” (free of charge) on the commercial invoice. If PPP is the price agreed upon at export, and the […]
Question:Does anybody have a transfer price procedure that can be shared with me?
Question:As part of our warranty service program, we receive goods from overseas customers for repair. After repair we ship the goods back to the overseas customer. I am trying to determine what value to report to US Customs at the time of importing into the US (it’s a defective item) as well as what value […]
Question:I was wondering if the membership can help me better understand through providing resources, or your own understanding of how hedging in a foreign currency and the exchange rate affects the entered value of an importation. Generally, it is standard that the foreign currency is calculated at the USD equivalent set forth under 19 CFR […]
Question: My company is exporting prototype PCBs for testing to our office inShanghai.The prototypes have no commercial value since they are pre-productionR&D stage. The only value I can devise is the price we paid for theboards, components, etc. How does the industry value their prototypes?Obviously, I need to use a defensible methodology, but seek somefeedback. […]
Question: For those of you who pay a Buying Commission to a bone fide buying agent,please advise how you notate this in the commercial documents for customsentry. Do you state the commission percentage (payable) on the commercialdocuments? We do have a separate commission invoice, but it is not availableat time of entry. Currently we have […]
Question:My company recently started using Standard cost on imports from a related party and as a consequence flagged entries for reconciliation and used computed value as the appraising method; I forwarded the computed value section in the “customs Valuation encyclopedia” and in the FA program manual to my cost accounting group to give them guidance […]
Question: Since the First Sale data collection period is over, is it still a requirement to flag first sale on the invoice or entry? CBP will be gathering information on use of the “First Sale Rule”, under which an importer can declare a lower value from a sale prior to the value of the final […]
Question:I was reading a past post named “Valuation Q&A 40”, and found the following statement, which has some great information and I have a follow up question for the membership. (Hopefully George will not mind either) A good resource to review is Customs’ informed compliance publication on “sales for exportation.” (http://www.cbp.gov/linkhandler/cgov/toolbox/legal/informed_compliance_pubs/ icp010r2.ctt/icp010r2.pdf) The appropriate value […]
