It’s not uncommon to find people engage in *new* things,
such as a new workout routine, new diet, or maybe even a new
boyfriend/girlfriend (hey, why not?) at the start of a new year.
Like people, federal agencies also start things at the
new year as US Customs is doing with it’s new dollar (USD) limit for which
merchandise being imported into the US may reach in order to qualify for an
“informal entry.”
For more about entry, check out this
article here.
The informal entry limit is going from $2,000 to $2,500
and when an importation qualifies as an ‘‘informal entry,” it eliminates the
need for a surety bond, expedites the customs clearance process, and reduces
another required charge, known as the Merchandise Processing Fee (MPF) to $2
(assuming the entry is filed electronically).
New Rule Effective 07-Jan-2013
Reasons for this increase are to mitigate the effects of
inflation between the United States and Canada and to harmonize the value
thresholds for expedited customs clearance to $2,500 from the current levels of
$2,000 for the United States and $1,600 for Canada.
For any merchandise valued over $2,500, formal entry is
required and importers must provide a surety bond (more info. on this can be
found here),
complete Customs form 7501 (instructions here),
and pay a minimum of $25 in MPF.
Unless exempt under a free trade agreement,
and in addition to any duty or tax owed, merchandise requiring a formal entry is
subject to a 0.3464 percent ad valorem MPF, which may be no greater than
$485 and no less than $25. Formal entry
also requires detailed information regarding the import transaction as well as commercial
documents pertaining to the transaction.
Of course, based on his/her discretion, a port director,
may always require an importer to file a formal entry.
For more information, you can read the entire final rule
on the informal entry limit in the Federal Register (73 FR 72715) here.
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HAPPY NEW YEAR!
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