Question: My question is about the expenses that should be included in the actual value when preparing the reconciliation entry. According to §152.106, computed value includes: 1) the cost or value of the materials and the fabrication and other processing of any kind employed in the production of the imported merchandise; 2) An amount for […]
Question: We sell a product to a company that usually imports it on their own account and tooling for that is provided by our parent company overseas to the foreign manufacturer. The parent company bills us the cost of that tooling, and we bill the customer. My opinion, this does not qualify to be an […]
Given: The valuation rules allow me to deduct the cost of ocean freight from the CIF price of my imports. Further details: I understand that the deduction has to be tied directly to the shipment and that I can not take any kind of an average or pro-rated from contract rate for the deduction. It […]
Question: We cut a PO for $14,020 to our German supplier.They ship (export) the products along with an invoice for EUR 8,836 onMay 12, 2008 (exchange rate is = $13,685. Our Accounts Payable pays our supplier using the Euro invoice at a laterdate and actually pays $14,128.56. For compliance purposes, should we pay the amount […]
Question:At George Tuttle’s valuation seminar in October, he mentioned that hot lot/expedite fees are valid additions to transaction value. Does anyone have a ruling reference to support this? Can’t find anything in CROSS.
We have a parts depot in the U.S. where customers can send their broken items and they are repaired or replaced. Usually the good (new or refurbished) item is sent in advance. (Most of these shipments are going to Canada, Australia, or the UK.) Then the bad item comes in, gets repaired or refurbished on […]
I am having a continuing problem with various entities sending engineering samples, parts, etc. with arbitrary values declared (example: $1.00). Our broker catches these and contacts us prior to making entry. I then contact the shipper and explain to them the need for proper valuation. I have explained the proper methodology for valuation if these are […]
Can anyone advise what valuation method they use when importing into other countries, refurbished products used for warranty replacement? Do you differentiate if a new product is sent as a warranty replacement as opposed to a refurbished product?
Question:Improper folding instructions from our company for a multi-piece garmentcaused one of the pieces to become damaged. As a result the vendor willremake the item. The costs of replacing the item are being sharedequally between our company and the vendor. The vendor has issued adebit note for our share of the fabric replacement, reopening the […]
Question:Improper folding instructions from our company for a multi-piece garmentcaused one of the pieces to become damaged. As a result the vendor willremake the item. The costs of replacing the item are being sharedequally between our company and the vendor. The vendor has issued adebit note for our share of the fabric replacement, reopening the […]
My customer imports wire. He negotiated a very favorable price. The Indonesian shipper told my customer that if they exported this wire to the US at that price, it would set off flags with US Customs. My customer called me and asked if I knew where the tolerance on the price of commodities used by […]
We are trying to determine our own corporate derived methodology to determine the proper Customs valuation of imported items being returned for repair and of imported items being returned for replacement. The value methodology must be based on GAAP, not prohibited by law, supportable by documentation, and used consistently for imports. Does anyone have suggestions […]
