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CBP extends time for periodic monthly payments

CBP extends time for periodic monthly payments

   U.S. Importers and their brokers who pay customs duties on a monthly basis will have estimated payments automatically withdrawn from their bank accounts 15 business days after the month in which a customs entry is filed or the goods are released.

   The announcement by Customs and Border Protection represents a change from the current practice requiring payment 15 calendar days in the following month.

   Last year CBP established a periodic monthly payment process as part of the phased rollout of the Automated Commercial Environment computer system, through which importers and brokers could pay duties and fees on a monthly basis through an account-based system instead of each time a shipment enters the United States. The new process is designed to streamline customs transactions and pull an importer's activity together into a single national account.

   The payment date change, which went into effect Monday, implements a provision in a miscellaneous trade bill passed by Congress last fall which extended the time of deposit of estimated duties and fees to the 15th business day of the month.

   CBP issued a rule that entries that are removed from the daily entry summary after the 10-day post-release filing requirement could be subject to liquidated damages. CBP said the rule is intended to encourage filers to use the Periodic Monthly Statement and submit their entry changes as soon as possible.

   For more details, see the Federal Register announcement at: http://a257.g.akamaitech.net/7/257/2422/01jan20051800/edocket.access.gpo.gov/2005/05-15571.htm