On August 20, 2008, CBP posted CSMS #08-000163, which outlines the requirements for filing first sale information using the entry summary. Section 15422 of the 2008 Farm Bill requires the trade to provide notice to CBP when the transaction value of imported merchandise is determined on the basis of the first sale rule.
To fulfill these requirements, the required declaration is made when filing the consumption entry and is indicated by entering “F” in the miscellaneous indicator field. If the transaction is not subject to first sale valuation, then the field will remain blank. This procedure applies to all consumption entry types. For more information about the reporting requirements and procedures, contact your customs broker and/or ABI client representative.
Wednesday, August 20, 2008
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