Should your company consider FTZ?? What is a Foreign-Trade Zone? A FTZ is the U.S. Version of an International Free Trade Zone. Always located near a Port of Entry, an FTZ can be used to store foreign or domestic goods, re-package materials, assemble products, manufacture or re-export goods without paying Customs duties. Merchandise can be held indefinitely within an FTZ … [Read more...]
‘Uptick’ Continues in Cargo Traffic
Global freight traffic was up 1.2% in July year-on-year, "showing a continuation of the modest improvement trend experienced in June" , said the International Air Transport Association (IATA) in its latest report. July was slightly better than the 0.9% year-on-year increase recorded in June, as growth in Europe and the Middle East offset weakness in Asia. As a result of the … [Read more...]
Reasonable Care Checklist: Valuation
REMEMBER: Reasonable care is an explicit responsibility on the part of the importer. This is the next Reasonable Care Checklist: VALUATION Basic Questions: Do you know the “price actually paid or payable” for your merchandise? Do you know the terms of sale? Whether there will be rebates, tie-ins, indirect costs, additional payments? Whether “assists” were … [Read more...]
Counterfeit Consumer Goods Seized
U.S. Customs and Border Protection officers seized a shipment of 70,000 counterfeit consumer goods & products worth an estimated $3.9 million worth of the illicit products (like razor blades, toys, sunglasses, and batteries) for violating intellectual property laws. The shipment arrived from China; the cargo was identified for physical examination upon arriving in … [Read more...]
IRANIAN NATIONAL SENTENCED – EXPORTING US TO IRAN
IRANIAN NATIONAL SENTENCED IN MANHATTAN FEDERAL COURT TO 30 MONTHS IN PRISON FOR CONSPIRING TO EXPORT SATELLITE TECHNOLOGY FROM THE UNITED STATES TO IRAN. Seyed Amin Ghorashi Sarvestani, an Iranian national, was sentenced to 30 months in prison for conspiring to export satellite technology and hardware to Iran from the USA in violation of the International Emergency Economic … [Read more...]