Cole recently learned that U.S. CBP has been sending “Informed Compliance Letters” to importers suggesting that they review their import transactions for compliance. Within the letter, there is reference to “Informed Compliance Publications” (ICPs). ICPs are documents published by U.S. CBP in order provide the necessary guidance to the public on the classification of certain goods and other issues (valuation, etc.) for which there is little information or guidance in the HTSUS or the Explanatory Notes (ENs) that can assist with proper classification, etc. such as:
This process is said to give the importer the opportunity to review their transactions to determine if there are any compliance issues that should be voluntarily disclosed before a full audit is undertaken by CBP.
What do you do if you receive an Informed Compliance Letter?
Don’t ignore it! Contact Cole International USA, INC. immediately. Companies trying to go it alone without full knowledge of what may happen can be drawn into undesirable scenarios with expensive results. Customs Audits are a very serious business and cannot be treated lightly! Seemingly innocent requests for information are often the tip of the iceberg, leading to in-depth audits with wide-ranging scope and potential liability. In many cases this can be prevented through early Cole involvement. Our U.S. Consulting team will help to interpret Customs letters and identify a correct course of action for your situation. You will be represented by an experienced team that will act in your best interest to minimize exposure to penalties.