CBP May Be Signaling Renewed Interest In 1st-Sale Rule

Law360, New York (July 25, 2014, 10:24 AM EDT) -- With importers increasingly relying on the use of the multitier "first sale" to a middleman for value declarations, U.S. Customs and Border Protection is reminding the trade community that audits are well within their jurisdiction and that penalties may ensue for anyone misusing or abusing the rule. On July 9, 2014, CBP circulated a draft amended informed compliance publication (ICP) titled "Bona Fide Sales and Sales for Export to the United States," and requested comments from importers on the updates....

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