{"id":2084,"date":"2013-11-14T09:41:42","date_gmt":"2013-11-14T15:41:42","guid":{"rendered":"http:\/\/supfrt.com\/news\/?p=2084"},"modified":"2013-11-14T09:41:42","modified_gmt":"2013-11-14T15:41:42","slug":"trade-compliance-recordkeeping-importers-working","status":"publish","type":"post","link":"http:\/\/supfrt.com\/news\/2013\/11\/14\/trade-compliance-recordkeeping-importers-working\/","title":{"rendered":"Trade Compliance &#8211; Recordkeeping for Importers"},"content":{"rendered":"<div><span style=\"text-decoration: underline;\"><strong><a href=\"http:\/\/supfrt.com\/news\/wp-content\/uploads\/2013\/11\/filing-cabinets.jpg\"><img decoding=\"async\" loading=\"lazy\" class=\"alignright  wp-image-2092\" alt=\"filing cabinets\" src=\"http:\/\/supfrt.com\/news\/wp-content\/uploads\/2013\/11\/filing-cabinets-300x130.jpg\" width=\"240\" height=\"104\" srcset=\"http:\/\/supfrt.com\/news\/wp-content\/uploads\/2013\/11\/filing-cabinets-300x130.jpg 300w, http:\/\/supfrt.com\/news\/wp-content\/uploads\/2013\/11\/filing-cabinets.jpg 341w\" sizes=\"(max-width: 240px) 100vw, 240px\" \/><\/a>Trade Compliance &#8211; Recordkeeping for Importers<\/strong><\/span><\/div>\n<div><\/div>\n<div>CBP (U.S. Customs and Border Protection) Regulations:<\/div>\n<ul>\n<li>19 CFR Parts 163 and 181<\/li>\n<\/ul>\n<p><strong>What Records Must be Kept for\u00a0CBP?<\/strong><\/p>\n<ul>\n<li>All records and data required for the entry of merchandise, whether or not required for presentation at time of entry, and<\/li>\n<li>Records listed on the (a)(1)(A) list, for example:\n<ul>\n<li>Invoices<\/li>\n<li>Bills of Lading<\/li>\n<li>Powers of Attorney<\/li>\n<li>Certificates of Origin<\/li>\n<li>Special Trade Preference Documents<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><strong>Types of Records<\/strong><\/p>\n<div>\n<ul>\n<li>Entry Records\n<ul>\n<li>Commercial Invoice, 7501, Other Government Agency Declarations (i.e., TSCA, DOT, FDA)<\/li>\n<\/ul>\n<\/li>\n<li>Financial Records\n<ul>\n<li>Proof of Payment, Letters of Credit, Refunds, Assists, Royalties<\/li>\n<\/ul>\n<\/li>\n<li>Free Trade Agreements\n<ul>\n<li>NAFTA Certificates, Other FTA Declarations, Supporting\u00a0 Documentation<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<div><strong>Who Should Keep Entry Records?<\/strong><\/div>\n<ul>\n<li>Owners of Imported Goods<\/li>\n<li>Importers of Record<\/li>\n<li>Consignees<\/li>\n<li>Entry Filers<\/li>\n<\/ul>\n<p>Agents of any person described above<\/p>\n<div><strong>For How Long?<\/strong><\/div>\n<div>\n<div>Generally, entry documents must be retained for <em><strong>5 years<\/strong> <\/em>from the date of entry.<\/div>\n<div><em>Some Exceptions:<\/em><\/div>\n<div>\u2022Drawback<\/div>\n<div>\u2022Packing Lists<\/div>\n<div>\u2022Imports less than $200<\/div>\n<div>\u2022\u201cBona fide\u201d gifts<\/div>\n<div>\u2022Any other overriding CBP regulations<\/div>\n<div><\/div>\n<div><\/div>\n<div><\/div>\n<div><strong>How?<\/strong><\/div>\n<div>\n<ul>\n<li>Originals should be maintained in the condition they were made or received:\n<ul>\n<li>Paper<\/li>\n<li>Electronically<\/li>\n<\/ul>\n<\/li>\n<li>Alternative methods can be used, but the method must be reported to CBP at least 30 days before implementation.<\/li>\n<\/ul>\n<div><strong>CBP Recordkeeping Penalties<\/strong><\/div>\n<div>\n<div>Failure to comply with demand for production of (a)(1)(A) records:<\/div>\n<div>\u2022For willful failure to maintain, store or retrieve the demanded information, the lesser of $100,000, or 75% of appraised value, for each release of merchandise;<\/div>\n<div>\u2022For negligent violations, the lesser of $10,000 or 40% of appraised value for each release; plus potential loss of any special duty rate, (e.g., GSP, NAFTA).<\/div>\n<div><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div>Read more: <a href=\"http:\/\/www.cbp.gov\/linkhandler\/cgov\/trade\/legal\/informed_compliance_pubs\/icp027.ctt\/icp027.pdf\">CBP.gov &#8211; Recordkeeping<\/a><\/div>\n<div><\/div>\n<div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Trade Compliance &#8211; Recordkeeping for Importers CBP (U.S. Customs and Border Protection) Regulations: 19 CFR Parts 163 and 181 What Records Must be Kept for\u00a0CBP? All records and data required for the entry of merchandise, whether or not required for presentation at time of entry, and Records listed on the (a)(1)(A) list, for example: Invoices [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":2092,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_s2mail":"","_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":""},"categories":[6,24,70],"tags":[45,14,28,71,46],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Trade Compliance - Recordkeeping for Importers - Superior Freight Services Inc.<\/title>\n<meta name=\"description\" content=\"Trade Compliance - Recordkeeping for Importers CBP (U.S. Customs and Border Protection) Regulations. 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