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Valuation Assistance

Valuation

It is essential for importers to have a system in place to properly report the correct value of imported merchandise to U.S. Customs upon entry. Otherwise, imports may be under or overpayment customs duties to U.S. Customs. TITA lawyers assist in analyzing valuation methodologies to confirm imports are using a correct valuation upon importation. Correct valuation is a part of the importer of records “reasonable care” requirement. Penalties for non-compliance can be severe. 19 U.S.C. 1592 is the statute CBP references when issuing penalties for negligence, gross negligence or fraud – depending on the degree of culpability CBP believes you had at the time of your non-compliance.

Why should we look to the past in order to prepare for the future? Because there is nowhere else to look.

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