Tuesday, August 17, 2010

CBP Seeks Comments on Importation Bond Structure

(World Trade Interactive)

U.S. Customs and Border Protection is requesting comments by Oct. 18 on the proposed extension and revision of forms 301 and 5297 concerning importation bond structure.

Bonds are used to assure that duties, taxes, charges, penalties and reimbursable expenses owed to the government are paid; to facilitate the movement of cargo and conveyances through CBP processing; and to provide legal recourse for the government for noncompliance with laws and regulations. Any person required to post a bond to secure a customs transaction usually submits the bond on form 301, Customs Bond. CBP is now proposing to revise form 301 to capture the new types of bonds that have been authorized by law and regulation as well as to better harmonize this form with current and future automation system requirements. Section II of this form will be revised to specifically cover continuous activity code bonds for importer security filing, marine terminal operator and intellectual property rights samples. Read more and view the CBP source document here.