Enhancing The Benefits Of CBP Prior Disclosure Program

Law360, New York (November 7, 2011, 1:08 PM EST) -- U.S. Customs and Border Protection recently published revisions to its audit regulations that could result in reduced payments made by companies submitting a prior disclosure.

When filing a valid prior disclosure, an importer is required to pay duties and fees, plus interest, owed as a result of the disclosed errors. The revised regulations permit CBP to offset underpayments of duties or fees with overpayments of duties and fees on entries covered by a prior disclosure in all cases.

This offsetting, or netting of underpayments and overpayments,...
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