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© Copyright 2009 by Mike Allocca. All rights reserved. Import & Export Compliance Import & Export Management UVM – Oct 22, 2009
© Copyright 2009 by Mike Allocca. All rights reserved. Importer & Exporter Responsibilities It is the exporter/ importer’s responsibility to be aware of and comply to, all existing and future regulations of any and all U.S. government agencies controlling exports from the U.S. Every effort is made to ensure that the information presented is current and accurate. I assume no liability or responsibility for the application of the information presented, or any changes, updates, additions or corrections that may exist at the time of presentation. No portion of this material maybe copied or distributed without the express written permission from Mike Allocca.
© Copyright 2009 by Mike Allocca. All rights reserved. Due Diligence 1)Know your customer, use the following websites for import/export enforcement/licenses, common red flags, entity list, denials list, antiboycott compliance, sanctioned countries. Export- www.bis.doc.gov Import –www.cbp.gov U.S. Department of Commerce website Export - www.export.gov
© Copyright 2009 by Mike Allocca. All rights reserved. www.bis.doc.gov
© Copyright 2009 by Mike Allocca. All rights reserved. www.export.gov
© Copyright 2009 by Mike Allocca. All rights reserved. www.cbp.gov
© Copyright 2009 by Mike Allocca. All rights reserved. Export Questions 2) a) What is the product? b) What is the final destination? c) Who is the end user? d) What is the end-use? e) What else do they do? Have you asked your customer these questions? Does your company have a clear export compliance policy? If not, you & your company may be held liable.
© Copyright 2009 by Mike Allocca. All rights reserved. Red Flags (examples) The customer is reluctant to offer information about the end use of the item. Willing to pay cash for a very expensive item that normally calls for financing. A freight forwarding firm is listed as the final destination.
© Copyright 2009 by Mike Allocca. All rights reserved. Terms 3) What are your terms of sale? Have you used the correct Incoterm? (see incoterms book) Is this shipment under a letter of credit?
© Copyright 2009 by Mike Allocca. All rights reserved. Classifications Is the Schedule B number correct for exports? http://www.census.gov/foreign-trade/schedules/b/ Is your HTS- Harmonized Tariff Schedule code correct for imports? http://www.usitc.gov/tata/hts/bychapter/index.htm
© Copyright 2009 by Mike Allocca. All rights reserved. Harmonized System HS- Harmonized System Exports Schedule B Number Imports HTS Number
© Copyright 2009 by Mike Allocca. All rights reserved. Import & Export Management Compliance Program Protects your company against Import and Export violations – how can you comply if you don’t know the regulations and have your own plan? Good Business Practice Decreases transactional costs Given great weight as a mitigating factor with Customs & BIS (Bureau of Industry & Security)
© Copyright 2009 by Mike Allocca. All rights reserved. Export Penalties Criminal: Willful violation corporation- greater of $1 million or 5x the value for each violation individual- upto $250,000 or imprisonment upto 10 years, or both, for each violation
© Copyright 2009 by Mike Allocca. All rights reserved. Export Penalties Knowing violations corporation- greater of $50,000 or 5x the value for each violation individual - upto greater of $50,000, or 5x the value or imprisonment upto 5 years, or both, for each violation
© Copyright 2009 by Mike Allocca. All rights reserved. Export Penalties Administrative: Any or all of the following may be imposed: The denial of export privileges The exclusion from practice; and/or upto $250,000 for each violation $1 million for those involving national security reasons
© Copyright 2009 by Mike Allocca. All rights reserved. Summary Use Due Diligence- check websites, ask your customer the right questions Use the correct incoterm Verify your classifications Have an import/export audit conducted Write down your import/export procedures
© Copyright 2009 by Mike Allocca. All rights reserved. Thank You Allocca Enterprises, Inc. Mike Allocca Mike Allocca 518-810-8575 firstname.lastname@example.org www.alloccaenterprises.com www.alloccaenterprises.com
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