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Customs Valuation under GATT Article VII and its Implementing US Regulations (TRD272B)

Presented by: Randi S. Waltuck Barnett
(*) Single User Price. For multiple users please call 1-844-384-4744
Pre Recorded Webinar
60 minutes
Event Description
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Complying With Customs Valuations and Minimizing Risks

Valuation of customs is a highly complex area of trade law and regulation. Companies large and small rarely abide by all applicable criteria and constraints, inviting penalties for material violations that can run into the millions. In most cases, standard financial and accounting books and records do not reflect the  proper value for customs purposes, and customs valuation requirements are not intuitive, creating great risk for importers (and exporters) and revenue opportunities for governments that are increasingly aggressive.

All countries control the movement of goods across their borders and rely upon declared data elements to identify admissibility, and, notably, determine the assessment of import duties, taxes, and fees. In this session by expert speaker Randi S. Waltuck Barnett, you will learn in detail, about one of the core elements of import-export declarations, and one of the three core data elements that determine duties, namely valuation for customs purposes.

All US importers have the legal responsibility to “exercise reasonable care” in all aspects of their importations including, but not limited to, the value declared for import (customs) and export purposes. Minimize your risk in this business critical area, which will be under greater scrutiny in 2017 and beyond, by learning what the law requires, and how you can comply.

In this session, Randi will review the global and domestic legal framework, and identify the challenges global traders face in relying on standard internal valuation methodologies as the bases of appraisement for import-export transactions. Also, she will take a look at the potential penalties for material violations, i.e., making erroneous value declarations, and how to handle inadvertent errors if discovered post-declaration under best-practice internal control processes.

Session highlights:

  • Global & Domestic Legal Framework: GATT, WTO, Mod Act, USC, CFR
  • Knowing the Basis of Appraisement for Customs in various jurisdiction
  • Transaction Value: Preferred Method, but with Caveats
  • Understanding and Aligning Tax & Customs Values: Related Party Issues
  • Using your ERP to Assure Lawful Customs & Export Values
  • Penalties for Unlawful Valuations
  • Mitigation Strategies for Material Violations

Who Should Attend

  • Import Compliance
  • Export Compliance
  •  Logistics
  • Supply Chain
  • Tax & Legal
  • Finance & Accounting
  • Purchasing
  • Internal Audit
  • Risk Management
About Our Speaker(s)

Randi S. Waltuck Barnett | trade compliance programs SpeakerRandi S. Waltuck Barnett
Ms. Waltuck Barnett is a highly regarded global trade professional, having created and implemented global and domestic trade compliance programs across many industries for companies large and small. Her experience includes oversight of a $5B, 65-location division of Honeywell, a $3B, 17-location division of Motorola, G... More info

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    Event Title: Customs Valuation under GATT Article VII and its Implementing US Regulations
    Presenter(s): Randi S. Waltuck Barnett

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