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NAFTA & Value Reconciliation Services
Save time and money with reconciliation services from Pedraza CustomHouse Brokers Inc. We have 10 years of experience
Consulting and NAFTA certificate tracking
Call our El Paso location at 915-791-5500 or the Laredo location at 956-764-4900 to discuss the details of reconciliation services.
WHAT IS NAFTA Reconciliation AND WHAT LED TO ITS INCEPTION?
In essence, it is a method by which the importer can correct the prices on a commodity post entry summary.
This is why Reconciliation is introduced. In 1993, a new act called the Modernization Act (Mod Act) was passed that takes in factors like “Shared responsibility” and “Reasonable care.” With the reconciliation process, it allows future submission of indeterminable information to the CBP to enhance the entry summary process. The reconciliation process was named the ACS reconciliation prototype and later renamed to ACE Reconciliation Prototype. The ACE reconciliation was published on February 6, 1998.
With Reconciliation, the importer can file entry summaries with CBP with reasonable care. The filing is done under the mutual understanding that certain variables such as declared value will remain in an outstanding state. And after a later date, the importer again files a Reconciliation that states the final and correct information. Then the Reconciliation is liquidated using refund or single bill, as needed.
Many elements of a transaction may be indeterminable at the time the merchandise is entered. For example, the final value of the equipment provided as an
Customs allows importers to bring in merchandise at an estimated value with the understanding that the importer will determine actual costs and submit this information according to what CBP has determined.
Find the latest news and articles in our industry here. We strive to bring you informative and useful information that can impact your business.
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