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How one company is turning carpet scraps into energy; executive perks revealed; a new model for paid analyst coverage; why the SEC rejected Cisco's options-expensing proposal; flying on a bankrupt airline; CFO melts Ben and Jerry's image; and more.

CFO Staff, CFO Magazine
November 1, 2005

Customs Valuation

Valuation is one area where most every company trips up, and where Customs knows they can always score points in an audit. There is often more to value than meets the invoice.

Were previous down payments that have not been included on the shipping invoice? Were materials, components, tooling or engineering assistance provided free or at a reduced rate, directly or indirectly, to the foreign supplier included in the invoice value? Were there any price adjustments occurring after the import declaration was made to Customs?

In an audit, Customs will be looking for these things, comparing entry declarations to the general ledger.

Jim Dickeson
Trade Compliance Consultant
Import Geeks LLC

Posted by Jim Dickeson | June 07, 2006 01:13 pm

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