Due Diligence for Imports

A CHECKLIST FOR CUSTOMS

Product and Import    

  • Retain database of HTS codes for imported products and associated duty rates.
  • Summarize, for each of the last 5 years, total value of imported goods and total duty payments
  • 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 good

Audit

  • List outstanding Customs audit issues (include description of issue, dollar amount in dispute, estimated chance of prevailing, estimated closing)
  • Describe any Customs penalties, rulings, and investigations during the past five years

Policy

  • Demonstrate compliance by producing a copy of a Customs Import procedures manual or an Internal Control Program (ICP) Manual
  • Copy of current organization diagram
  • List joint ventures and partnerships (description of activity, level of involvement with import)