CBP posted an updated list of the interest rates (updated for the third 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 July 1 - September 30, 2012 the rate is 3%.
CBP released its Trade Newsletter for the 2012 third quarter. The newsletter provides an update on its recent ruling on the treatment of post-import adjustments, the Simplified Entry pilot, progress on ACE, the Centers for Excellence and Expertise, collaboration between CBP and Homeland Security Investigations (HSI), and the update to 19 CFR Part 111 broker regulations.
The Congressional approval June 29 for HR-4348, which would extend funding for surface transportation programs for two years, means some new regulations for domestic transport brokers but largely exempts brokers dealing with international trade, said a top lobbyist who worked on the legislation for customs brokers. The National Customs Brokers and Freight Forwarders Association of America (NCBFAA) and other trade groups were able to mitigate the legislative language and effect on customs brokers, said Jon Kent, a lobbyist with Kent & O'Connor who works on the behalf of NCBFAA, in an interview. President Obama is expected to sign the bill.
The House Ways and Means Committee posted some 1,100 comments related to the Miscellaneous Tariff Bill (MTB) June 29. The public comments are in response to the 1,200 House bills introduced for inclusion within the MTB. The MTB is generally passed every congress, suspending tariffs on certain products. The Senate Finance committee has also posted some public comments on bills introduced in the Senate.
The Senate Finance Committee voted June 29 to favorably report the nomination of Meredith Broadbent as a member of the U.S. International Trade Commission. Broadbent is nominated for a term on the ITC expiring June 16, 2017.
U.S. Customs and Border Protection issued the following releases on commercial trade and related issues:
In early January 2012, CBP issued instructions for the ten weekly Special Import Quota announcements for Upland Cotton that were issued by the USDA's Commodity Credit Corporation. CBP also listed the dates and quantities for each of the ten. In February and March, CBP added weekly Special Quotas 22 - 26, and Special Quotas 1-9. CBP's instructions, with the new Special Quotas 10-11 are summarized below.
CBP posted a transcript of the June 28 Webinar on "Modernizing broker permitting requirements," the third of several Webinars on changes to broker regulation.
The customs broker’s license examination scheduled for October 2012 will be on Wednesday, Oct. 3, said CBP in a notice in the Federal Register July 3. While usually scheduled for the first Monday in October, this year the first Monday coincides with the observance of the religious holiday Sukkot, said CBP.
The House and Senate voted June 29 to approve HR-4348, a transportation bill that will continue funding surface transportation programs for two years. The legislation will next go to President Obama, who is expected to sign the measure. A deal was reached recently as part of a conference to iron out differences between separate legislation. The bill includes new financial requirements for brokers, but exempts federally licensed customs brokers who are already subject to other federal financial requirements.