T140c trade processing Flashcards by carlos yee

When processing trade imports cbp officers must ensure

Arrival of goods

Release of goods

Closing of the books

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Import processing

5 steps

Import specialist can help with this

Manufacturer/ shipper delivers goods
Carrier files manifest delivers goods
Importer files entry
Cbp examines/releases goods
Importer files entry summary
Liquidation-cbp accepts documents and duty

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What is a manufacturer

Shipper/exporter

Person or entity whose goods are being shipped

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What is a carrier

Shipping line

Legal entity that transports goods for hire

FROB foreign cargo remaining on board

Inporter security filing ISF

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What is the importer

Aka consignee

Person or entity whom goods have been shipped or turned over for care

ISF

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What is a notify party

Person or entity to be told about the arrival of a shipment

Broker

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What is a freight forwarder

Sometimes called Forwarding agent

Completed paperwork
Makes arrangements with carrier to ship goods

Arranges transportation

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What is a manifest

Inventory of all good

Manifest must be filed prior to unloading goods

For sea cargo, 24 in advance

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What computer systems can be used for terrorist targeting

CSI

ATS4(review manifest for terrorism or narcotics

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Depending on modes of transportation

Manifest must be available at different times

Air 4 hours
Rail 2 hours
Truck 1 hour
FAST 30 minutes

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What are some automated tools to track and control flow of goods

All used for manifest research

ACS automated commercial system
ABI automated broker interface
ACE automated commercial environment
EDI 
AMS automated manifest system
ATS4

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What does a bill of lading contain

Contract between two parties:shipper and carrier

Container #
Security seal number
Commodity description
Shipping weight/quantity
Shipper
Consignee
Notify party
Msds

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When was the new legislation importer security filing ISF and additional carrier requirements( 10+2) signed

January 26, 2009

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What is an ISF importer

Owner, purchaser, consignee, or agent that causes all goods to enter the US

Foreign is FROB -carrier

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8 data requirements for ISF no later than 24 hours before cargo is laden( exempt bulk cargo)

Seller
Buyer
Importer record# FTZ applicant id
Consignee #s
Manufacture
Ship to party
Country of origin
Commodity HTSUS #

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What are two additional elements prior to ships arrival 24 hours

Container stuffing location

Consolidator

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FROBS, IE, t&e must provide 5 data elements in 24 hours before laden aboard a vessel ( exempt bulk cargo)

Booking party
Foreign port of unlading
Ship to party
Place of delivery
Commodity HTSUS #

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Additional carrier requirements for ISF

Vessel stow plan no later than 48 hours

Container stays message (csm)

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What is an airway bill

Identify each shipment by separate #

And furnish furnish same info as previously listed for bills of lading

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All merchandise transported by a commercial carrier must be

Entered within 15 calendar days of arrival in US

Merchandise conditionally released into US

Duty paid within 10 days after authorized delivery

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What is the HTSUS

Primary resource for determining tariff classifications and rates of duty

Who makes decisions for rates on dutys

Import specialist

What is a bond

Contract involving three parties

Principal(importer,carrier,trade entity)
Surety(furnishes bond, insurance company)
Creditor(party being paid by surety if principal defaults)

What type of bond is an International carrier bond

Type 3

What type of bond is an importer bond

Type 1

What are the types of entries | Entry is required regardless of value

- Formal(have bond, have IRS,SS,CBP number, over 2,500 - Informal(no bond, less than 2,500) - Commercial merchandise(not intended for personal or household use) - Personal or household use importations(intended for personal or household use)

Must all imported goods and merchandise that remain on a commercial conveyance be inspected? Yes or no

Yes

Formal entry requirements

- Coversheet(cbp3461) - Evd of right to make entry - Commercial invoice/pro forma - Packing list - Other docs

Can an entry be filed on paper or electronically Yes or no

Yes

Entries filed in advance has more detailed info than the bill of lading, including

- Ultimate consignee - More detailed commodity description and tariff number - Accurate value - Country of origin

Types of formal entries

- Consumption - Transportation - Warehouse - Appraisement

Consumption entry

Merchandise that will be used in US " entering the commerce" 95% of all entries

Transportation entry "In bond"

Arrive at US port and move to another location within that port of exportation Move to another port without entering to commerce Use cbp7512

Transportation entries

Immediate transportation (IT)(most used) -Transportation and exportation(T&E) transported to another US port for exportation ``` Immediate exportation (IE) Directly exported from port of arrival ```

Warehouse entry

Stores merchandise not entered into commerce of US Bonded warehouses Duty free shops General order FTZ

Appraisement entry

Merchandise awaiting appraisement Damaged shipments Secondhand goods

Can a cbp port director require formal entry on any merchandise if import admissibility is considered to be a risk Yes or no

Yes

What is subject to informal entry

American food returned (AGR) personal or commercial valued 10k or less Returned for repairs or credit American aircraft part( value doesnt matter) Temp importation All personal shipments( regardless of value) Commercial shipments 2,500 or less

What is subject to formal entry

Commercial shipments over 2,500

Examine and release good considering the risk inherent to cbp, what are they

Risk of terrorism and other smuggling activities Risk of non compliance

Is the primary purpose of merchandise examination to detect violations of law and regulations Yes or no

Yes

What is a second purpose of merchandise examination

To gather accurate data so that cbp determine valid rates of compliance

What is the FAST program

Low risk shipments entering from CAN or MEX

What is a cbp 7501

Entry summary submitted to cbp within 10 working days after release and review Importer, broker, or representative is responsible for this step

Liquidation ACS automatically liquidates in 314 days after entry summary

Last step in process Cbp has accepted - Merchandise is in compliance and admissible - docs are complete - duty payment is accurate

Informal entry

Officer examines, appraises, classifies merchandise and collect appropriate duties Screened like formal entry

General laws governing trade include

- Tariff act of 1930(endorsed by cbp) - Trade act of 1974( implements generalized system of preference) - Implementation of harmonized tariff schedule

Trade agreements

Regulate policies of participating countries Negotiated by president Approved by congress

Cbp enforces laws concerning

- American agriculture - Business - Public health - Consumer safety

Two trade initiatives

CSI CTPAT