Author: Onur Akarca

Why It’s Important to Have the Correct Tariff Classification on Imported Goods

Having the correct classification on imported goods is a legal responsibility. Non-compliance can mean shipment delays, increased inspections, fines, and other administrative penalties. All goods imported into the U.S. are subject to duties. All import items are required to be classified in accordance with the harmonized schedule of the U.S., and each tariff number has a corresponding rate of duty. Rates of duty for imported merchandise may also vary depending on the country of origin. Based on the classification of goods you are importing, U.S. Customs determines which Harmonized Tariff Schedule (HTS) will apply to your goods. The HTS...

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What are Your New Year Resolutions?

New Year’s resolutions are a tradition. The New Year is a new beginning for everyone, because the new year comes with new dreams and new decisions. It is a new time frame for setting up new goals. If you have not yet decided what you are going to do in 2018, start preparing right away, because those who make New Year’s decisions are 10 times more successful. Some of us have also made new year’s resolutions for business, but sticking with these resolutions, and achieving your goal, can be difficult. The new year is ideal for evaluating and planning...

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Country of Origin Marking Requirements for Imported Goods

All the goods arriving into the U.S. are required to be marked with the English name of the country of origin, unless the goods they are importing are exempt from marking. Country of origin and marking rulings determine whether the products are properly marked, or labeled, as to country of origin. Prior to importing your goods into the U.S., it is your responsibility as an importer to make sure the overseas supplier has marked goods with the country of origin. For example, goods originating in Taiwan should be marked “Made in Taiwan.” The marking must be legible, and permanent...

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What is a Binding Ruling?

Having the correct classification for the goods you are importing is a legal responsibility. But, as an importer, what if you are not sure how to correctly classify the merchandise you are importing? What do you do if you are not sure which harmonized tariff schedule number to use? As an importer, you can ask for assistance from your licensed customs broker. Remember, even when using a broker, importers are ultimately responsible for the correct entry presented to U.S. Customs. Customs brokers may find the correct duty rate information for your import. If your broker is unsure how to...

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What is a Letter of Credit (L/C)?

Paying internationally might be complicated, because the importer is concerned they will lose their money, and the seller is concerned they will not get paid for the product they are shipping. Each party must agree to a payment method before the order is placed. A Letter of Credit is one of the most common ways to pay internationally. A Letter of Credit is a formal, binding legal agreement between an importer and foreign seller. A Letter of Credit is one of the most secure methodsĀ of payment between the seller and the buyer. It can balance the risk for both...

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