Explore the basic rules of proper United States customs valuation, common errors, and how to avoid risks.
As a result of the trade wars there has been significant increases in tariffs on imports. Because tariffs are applied based on the value of imports it is critical that companies understand how to properly value their imports under U.S. customs laws. Using improper values may lead to draconian audits, enforcement actions and penalties imposed by U.S. Customs and Border Protection. However, smart importers structure their transactions to reduce U.S. customs values, creating significant cost savings from reduced tariffs. This topic will explore the basic rules of proper U.S. customs valuation, common errors, how to avoid risks, and how to minimize U.S. customs value to maximize your company's profits.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Agenda
Basic U.S. Customs Value Rules and Methods
Required Additions to U.S. Customs Value
Possible Deductions From U.S. Customs Value
Interplay Between Tax and Customs Values in Related Party Transactions
Common Valuation Errors and Penalties
Responding to U.S. Customs Requests, Audits and Enforcement Actions
Strategies to Reduce Customs Duties Using Lower U.S. Customs Values (e.g., First Sale Rule)
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Credits
OnDemand Course
This course was last revised on September 16, 2020.
Call 1-866-352-9540 for further credit information.
- CPIM/CFPIM/CSCP 1.0
- This program may qualify for 1.0 certification maintenance points toward the CSCP, CPIM and CLTD designations through The Association for Operations Management.
- ISM 1.5
- Participants who successfully complete this program will receive 1.5 hours of continuing education. They may be applied toward ISM CPSM, CPSD or C.P.M. recertification. ISM's consent to approve hours for this educational event is not an endorsement of this program or its content by ISM.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
John B. Brew
Crowell & Moring, LLP
- Co-chair of Crowell & Moring, LLP's International Trade Group and focuses his practice in the area of customs
- Regularly advises corporations on matters involving customs administration, enforcement, compliance, litigation, legislation and policy
- Represents clients in proceedings at the administrative and judicial levels, as well as before Congress and the international bureaucracies that handle customs and trade matters
- Advises clients on all substantive import regulatory issues handled by U.S. Customs and Border Protection, and Homeland Security Investigations
- Has assisted clients in a broad array of industries providing creative solutions that enable clients to obtain duty savings and mitigate customs penalties
- Co-editor and author for the ABA’s International Practitioner’s Deskbook, “U.S. Customs: A Practitioner’s Guide to Principles, Processes and Procedure,” and he is an editor of the Kluwer Law International Global Trade and Customs Journal
- Recognized by Chambers Global and Chambers USA in the area of International Trade: Customs (Band 1), Best Lawyers in America in the area of International Trade and Finance Law, and Who’s Who Legal in the area of Trade and Customs; in 2020, he received the Lexology Client Choice Award (International Trade – United States)
- Graduate, Bucknell University and The Dickinson School of Law, Pennsylvania State University
- Can be contacted at [email protected] or https://www.crowell.com/professionals/john-brew
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