Hi, my name is Linda Zyvoloski, Licensed Customers Broker and Senior Customs
Associate for GHY USA. Today I want to talk about customs bonds sufficiency.
Since 2002 the Revenue Division of US Customs has done the best job they can
at monitoring custom bond sufficiency for U.S. importers. Until recently they
have not had full or timely visibility into bond saturation.
With the recent transition from ACS to ACE solidified, the Revenue Division now has more
reliable data which is necessary to calculate bond sufficiency. So how does
this impact U.S. importers and Customs Brokers? With the recently imposed
additional duties from Chapter 99 applied to Sections 232 and 301 on a
wide range of products there is an increased risk liability and exposure to
not only importers but also the surety companies underwriting these bonds.
All that being said it is still the responsibility of the importer to surety
bond sufficiency under the informed compliance requirements.
By using the Customs Bond Analytical and Bond Reviewer Calculations.
The Revenue Division has rendered over 3,000 customs import bonds insufficient in the last
nine months, with over 2000 of those being issued in September 2018 alone.
As a member of the trade GHY USA would like to make a couple of suggestions to
importers and help them avoid bond insufficiency and potential supply chain disruption.
Be proactive, do not wait for CBP to issue a bond and sufficiency letter.
Forecast your import volume and take responsibility for knowing what
your potential Duty Liability is and the exposure based on the goods are being imported.
With the high volume of insufficient bonds CBP is starting to feel less lenient.
Create an ACE portal account as to ensure full access to the
same information that the Revenue Division and Customs Brokers are using
to monitor bonds sufficiency. Having access those data will assist in
forecasting future import activity. If you have your own ACH payer unit number
call your bank and ensure that there are no restrictions that would inhibit
customs from making a withdrawal on your behalf and if you know you will have a
large payment call them and let them know. It is not uncommon for banks to
have limits on the maximum amount that can be paid at one time.
Ensure all addresses are updated on your customs bond and any government agency
paperwork. In the event customs needs to send any correspondence it is important
that it is received and addressed immediately. The US government has
established the parameters and how to calculate customs bonds and it is the
responsibility of the trade to understand and comply.
For more information see the link below or give GHY USA a call, our team would happily
discuss any questions about bond sufficiency or the implications of
Sections 232 or 301. We're here to help.
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