Minneapolis, Mn.—Sept. 1, 201 —Zepol Corp., a trade intelligence company, has released its U.S. Import Compliance Guidebook. The report contains detailed information about U.S. trade compliance statistics, audit triggers, potential penalties, and more.
Key Insights Found in the Report:
- U.S. Customs and Border Protection completed 379 import audits in 2010 and collected nearly $23 million in revenue.
- Failing to exercise reasonable care could result in a fine of 20 percent of the appraised value of the imported merchandise or two times the loss of revenue, whichever is less.
- Import-related records must be kept for a minimum of five years.
“This report is a must-read for any U.S. importer or service provider that assists importers,” said Paul Rasmussen, CEO & President of Zepol Corp. “With severe penalties for noncompliance, this report details steps on how to avoid potential disasters in the future.”
This report was created in connection to Zepol’s product ComplianceMonitor, a tool designed to track and alert users on critical U.S. import compliance changes such as duty and tariff rates, U.S. Customs rulings, anti-dumping actions, and more. The guidebook will assist trade professionals in ensuring their companies do not overlook vital steps in the compliance process.