U.S. Customs and Border Protection posted an updated list of the interest rates (updated for the second quarter of 2012) for additional duty payments owed to Customs as a result of reconciliation. CBP notes that when a reconciliation results in additional monies owed CBP, the payment must be made with interest, calculated by the filer using the rates provided in the list. For April 1 - June 30, 2012 the rate is 2%.
Tim Warren
Timothy Warren is Executive Managing Editor of Communications Daily. He previously led the International Trade Today editorial team from the time it was purchased by Warren Communications News in 2012 through the launch of Export Compliance Daily and Trade Law Daily. Tim is a 2005 graduate of the College of the Holy Cross in Worcester, Massachusetts and lives in Maryland with his wife and three kids.
U.S. Customs and Border Protection's ACEopedia for July 2012 adds additional information on the process improvements created by ACE to date. A new listing of those improvements is the largest change from the previous ACEopedia.
U.S. Customs and Border Protection issued the following releases on commercial trade and related issues:
U.S. Customs and Border Protection said April 21, 2012, that a data load has completed that affected all Entry Summary reports, all Declaration reports (under the Account Management folder), and AD-8027 (Trade Aged Liquidation ADCVD Entry Summary Report). These reports now contain the most up-to-date data. CBP said April 20, 2012 that some of those ACE Reports did not contain the most up to date data.
CBP posted a memorandum providing proration and liquidation instructions for the 2012 in-quota (low duty) tariff rate quota quantity for tuna and skipjack (tuna).
U.S. Customs and Border Protection said April 20, 2012, regular ACE Maintenance Window (Saturday 2300 EDT - Sunday 0500 EDT) may be extended on Sunday, April 22, 2012. The extended window was to be scheduled from Sunday 0500 EDT -- 0730 EDT (7:30am).
U.S. Customs and Border Protection said April 20, 2012, that some ACE Reports do not contain the most up to date data. The affected reports include: all Entry Summary reports, all Declaration reports (under the Account Management folder), and AD-8027 (Trade Aged Liquidation ADCVD Entry Summary Report). The data load is continuing to run and CBP anticipates reports to be up to date by April 21, 2012 at 0800 EDT (8am). A subsequent message will be distributed when the data load is complete.
Pablo Benes, legal officer in the Appellate Body Secretariat of the World Trade Organization, joined Steptoe & Johnson as a director in the firm's International Trade and International Regulatory Compliance Practice groups in Washington.
The U.S. Senate Appropriations Committee approved April 19, 2012, a 2013 appropriations draft bill to fund the new Interagency Trade Enforcement Center (ITEC). The bill would give $24.2 million to the Commerce Department and $1.8 million to the USTR for the creation of ITEC, equaling the administration's full requested amount of $26 million. The Senate Appropriations Subcommittee on Commerce, Justice and related agencies proposed the bill earlier this week.
The following are trade-related highlights of the Executive Communications sent to Congress for April 18, 2012: