In the eyes of the U.S. Customs and Border Protection (CBP), valuation is critical.

Customs is the second largest collector of revenue in the United States. Incorrectly reporting valuation can lead to an underpayment, and also overpayment, of duty and fees.

 The Real World of Valuation Challenges

The predicament in getting an accurate valuation for CBP is in receiving pertinent background information for the product. Minor transactions can qualify as assists by CBP. “Assists” describe items of value that a supplier receives from a customer that aid in the production of goods that are subsequently sold/shipped to that customer. Examples of assists include molds, production tools, raw materials, supplies and parts used to produce the final product. The value of the assist is added to transaction value when calculating customs value.

WASHINGTON (4/27/17)--While weeklong media headlines have forecast a government shutdown by midnight tomorrow, it appears the House and Senate Appropriations committees have endorsed the idea of a short-term spending bill to keep the government open while budget negotiations continue. The stopgap measure delays a possible shutdown until Friday, May 5.

 

The bill must pass both chambers by midnight tomorrow (April 28) to avoid the shutdown. The potential progress comes as the new administration has threatened to derail negotiations with last-minute demands. The border wall and health care spending have been two sticking points for congressional and White House negotiators during the past several weeks of discussions to avert a shutdown.

 

The bill to stall a government shutdown until May 5 was introduced late yesterday (April 26) after it became increasingly clear that Congress would not be able to pass a bill this week to fund the government through Sept. 30. Congressional leaders and the White House want to avoid a politically unpopular shutdown, which would close national parks and monuments, furlough thousands of federal employees and delay Americans' tax refunds.