Friday, February 13, 2009

More Companies Using ACE Periodic Payment to Lower Costs, Streamline Operations – CBP

(World Trade Interactive)

U.S. Customs and Border Protection reports that the periodic monthly statement process available under the Automated Commercial Environment is growing in popularity. This process allows importers and brokers to pay duties and fees monthly instead of on a transaction-by-transaction basis.

A recent CBP press release states that during the last six months of 2008 nearly $7 billion in duties and fees was collected from importers and brokers using this process. For all of 2008 CBP collected $12.5 billion from ACE participants, a more than 450% increase over 2005.

CBP states that periodic monthly statement processing may provide participants with a significant cash flow advantage, as entry summaries for goods entered or released during the previous month are consolidated and can be paid on the 15th working day of the following month. In addition, the monthly statements obtained through ACE can streamline accounting and report processing by providing an electronic record for companies to trace their import activities and quickly generate easy-to-use business reports.