Due Diligence Checklist
- Retain database of HTS codes for imported products and associated duty rates.
- Summarize, for each of the last 5 years, total value of exported and imported goods, total payments made to vendors and total duty payments to Customs.
- Describe the method for determining Customs value (e.g. price paid, transfer price, domestic selling price less certain costs, etc) of imported goods and returned goods.
- List outstanding government audit issues (include description of issue, dollar amount in dispute, estimated chance of prevailing, estimated closing).
- Describe any government penalties, rulings, and investigations during the past five years.
- Demonstrate compliance by producing a copy of Export Import procedures manual or an Internal Control Program (ICP) Manual.
- Copy of current organization diagram (org chart).
- List joint ventures and partnerships (description of activity, level of involvement with import and export).