By: Norka M. Schell
NYC International Lawyer
Law Offices of Norka M. Schell, LLC
11 Broadway, Suite 615
New York, NY 10004
Tel. (212)564-1589
www.lawschell.com
With very few exceptions, all goods imported into the United States must be declared with the United States Customs Service and are subject to duties under the Harmonized Tariff Schedule of the United States (HTSUS). Duties vary with the type of merchandise, its value, its origin, and a number of other factors. Penalties for violating Customs laws or procedures can be quite substantial.
Despite the very high duties (which may be higher than the corporate tax rate), few importers give Customs law questions the same thought spent on tax planning or other issues. This is a mistake. The reality for any importer is that duties and fines imposed for Customs law violations add an extra layer of cost to the item imported and correspondingly reduce the item's competitive worth in the domestic marketplace.
The combination of GATT, NAFTA, and the Customs Modernization Act has made some of the most substantial changes in Customs law in years; and new regulations with substantial changes in Customs procedures are coming out almost daily.
If you do any significant volume of importing business, the Law Offices of Norka M. Schell, LLC can assist you. Our lawyers are creative and resourceful. Contact our Firm at (212)564-1589 to schedule a consultation with a lawyer.
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