As an importer, you are responsible for declaring the value, classification, and rate of duty applicable to entered merchandise. And you must be prepared to produce the underlying documentation used to calculate these amounts.
Previously, only the top 1,000 companies (in goods imported yearly) were placed in the US Customs and Border Protection focused assessment pool. Recent changes in the way USCBP identifies companies for focused assessment may keep you awake at night. You’re in the pool now, and if you
don’t know how to swim, now’s the time to learn.
• Do you understand your record keeping responsibilities?
• Do you understand the impact of inadequate internal controls?
• Are you ready for a focused assessment that can take six months to complete?
Learn more about VISCO’s role HERE
The good news is that USCBP and VISCO want to help you avoid a focused assessment by ensuring that your company is in full compliance. Full compliance means fully documented internal controls, a staff that adheres to these controls, and an audit trail that allows easy access to supporting documentation and corresponding general ledger entries when appropriate.
How does VIS help?
VISCO Software for Importers is a tool that allows you to store all financial and logistical information related to your individual shipments. This information can be accessed and distributed quickly and easily.
Our customers know that Customs compliance is just one of many reasons to implement VISCO. Yes, it was built to manage documents and the information they contain, but the ROI associated with implementation goes far beyond avoiding fines. This may be the first instance where compliance with government regulation results in cost savings due to the use of VISCO. Ask us how.
How does USCBP help?
USCBP is charged with keeping terrorists and their weapons from entering the country. One of the most effective ways to accomplish this is to facilitate in the creation of internal controls at US importing companies. One of the most attractive programs is the Importer Self Assessment program. Participation in ISA results in the company’s removal from the focused assessment pool.