What’s your favorite time of year? The Holidays, your child’s birthday, tax season, anytime it snows? For the international trade community, the International Compliance Professionals Association’s (ICPA) annual conference is a highlight of the year. It’s a conference you can count on to provide you with top education and networking opportunities available in the industry. If you haven’t been before, it’s time to start planning to attend.
2012 Conference: Atlanta, Georgia: March 18th – 22nd Click here to register!
Sessions Range From: ACE, Achieving Consistent HTS Classifications, Ask the Legal Eagles, Avoiding Import Mistakes, Broker Management, Internal Compliance, Export Audits, Incoterms
2013 Conference: Honolulu, Hawaii
Spread the word! Visit http://icpainc.org/ to learn more and become a member!
TRG is a proud sponsor of the International Compliance Professionals Association.
Monday, January 30, 2012
Tuesday, January 17, 2012
60 Degree Harmonized Tariff Schedule Education
A Collective Effort: The Harmonized Tariff System is global product classification system. The World Customs Organization (WCO) maintains the Harmonized Tariff Description and Coding System (HTS) with over 170 countries in participation. The first six digits of the HTS code categorize all items involved in international trade and are consistent throughout all countries involved in the HTS. The suffix (two to four digits) is country specific; the U.S. suffix consists of four digits. The U.S. HTS is primarily a classification system to unvaryingly identify goods and secondarily a commodity specific tariff system.
Internal Auditing: The importer of record is responsible for providing Customs and Border Protection (CBP) with the correct HTS classification on all import entries and/or ISF filings. It is important to introduce or maintain procedures that result in accurate information concerning your products. Innovated technologies allow the importer to refrain from relying on third parties to presume the HTS classifications on your behalf. Your company could be over extending import related costs each year by paying a higher tariff rate than required. CBP regards the importer’s HTS compliance seriously enough that the revenue collection agency will fine the importer for paying too much in CBP duty per import!
Proactive Evaluation: HTS codes are continually changing to allow for new product innovations and technology. Governments worldwide evaluate new revenue sources and seek to balance their trade with other countries. U.S. HTS codes are created with an expiration date to allow for updates. Because of this, it is important to consistently evaluate the validity of the codes that you are filing with. This ongoing internal compliance project should be reviewed at minimum, on an annual basis.
Helpful Hint: Filing a Post-Entry Amendment (PEA) prior to entry liquidation or an administrative protest post liquidation will allow you to fix HTS classification mistakes. It is recommended that these are completed quarterly. Click here to see a sample PEA.
Internal Auditing: The importer of record is responsible for providing Customs and Border Protection (CBP) with the correct HTS classification on all import entries and/or ISF filings. It is important to introduce or maintain procedures that result in accurate information concerning your products. Innovated technologies allow the importer to refrain from relying on third parties to presume the HTS classifications on your behalf. Your company could be over extending import related costs each year by paying a higher tariff rate than required. CBP regards the importer’s HTS compliance seriously enough that the revenue collection agency will fine the importer for paying too much in CBP duty per import!
Proactive Evaluation: HTS codes are continually changing to allow for new product innovations and technology. Governments worldwide evaluate new revenue sources and seek to balance their trade with other countries. U.S. HTS codes are created with an expiration date to allow for updates. Because of this, it is important to consistently evaluate the validity of the codes that you are filing with. This ongoing internal compliance project should be reviewed at minimum, on an annual basis.
Helpful Hint: Filing a Post-Entry Amendment (PEA) prior to entry liquidation or an administrative protest post liquidation will allow you to fix HTS classification mistakes. It is recommended that these are completed quarterly. Click here to see a sample PEA.
Monday, January 9, 2012
Big Brothers and Big Sisters of Gallatin County: Forging our Future
Everyone needs a friend.
Big Brothers Big Sisters is a non-profit organization that has been working hard for generations to make sure children and young adults don’t have to grow up without the vital influence of friendship. This goal is accomplished with the assistance of ordinary, yet extraordinary people who are willing to put forth the effort to make a difference in someone’s life. Big Brothers Big Sisters started its own life almost a century ago as two separate entities, both determined to help children in need of guidance and friendship. In 1979, these organizations joined forces to form Big Brothers Big Sisters of America. By the time of the merger, the combined reach of Big Brothers Big Sisters of America included 357 agencies, all dedicated to befriending and mentoring young people.
A good mentor has the potential to permanently change a person’s life for the better. The efforts of mentors in the Big Brothers Big Sisters program have positively affected countless lives throughout the organization’s history. Whether it’s playing catch, riding bikes, reading books, or offering an open ear to share hopes and fears, Bigs (as they are called in the program) provide an irreplaceable influence in the lives of our nation’s young people.
Big Brothers Big Sisters of Gallatin Valley is the local chapter of Big Brothers Big Sisters here in Bozeman, Montana where TRG is based. Just like every other BBBS office in the country, they offer an unparalleled experience for less fortunate young people. It’s not uncommon to see Big Brothers and Big Sisters out on the ski slopes or hiking through Montana’s resplendent outdoor trails, providing opportunities that would most likely never have been extended otherwise.
January is national mentoring month, and BBBS is always in need of donations and volunteers. Becoming a mentor is not a particularly difficult process for people who are willing and able to contribute their time and attention to someone in need. Donating money or items for matched pairs of young people and their mentors to use in activities is even easier. Something as seemingly insignificant as a baseball glove, a set of movie tickets, or a bookshelf can be infinitely helpful in the lives of young people. Fundraisers like “Bowl for Kids’ Sake” are another enjoyable way to participate in or donate to an exceptional organization and an extraordinary cause. Trade Risk Guaranty supports Big Brothers Big Sisters of Gallatin Valley because of the positive impact they have on the entire community and its future.
Young people will grow up to rule the world—with the help of organizations like Big Brothers Big Sisters they will have a better chance to meet their full potential. Responsible Citizenship is one of TRG’s Eight Core Values, and it is perfectly reflected in the values of Big Brothers Big Sisters. Keep up the good work Big Brothers Big Sisters of Gallatin Valley, we’re with you. Here’s to another century of success.
Big Brothers Big Sisters is a non-profit organization that has been working hard for generations to make sure children and young adults don’t have to grow up without the vital influence of friendship. This goal is accomplished with the assistance of ordinary, yet extraordinary people who are willing to put forth the effort to make a difference in someone’s life. Big Brothers Big Sisters started its own life almost a century ago as two separate entities, both determined to help children in need of guidance and friendship. In 1979, these organizations joined forces to form Big Brothers Big Sisters of America. By the time of the merger, the combined reach of Big Brothers Big Sisters of America included 357 agencies, all dedicated to befriending and mentoring young people.
A good mentor has the potential to permanently change a person’s life for the better. The efforts of mentors in the Big Brothers Big Sisters program have positively affected countless lives throughout the organization’s history. Whether it’s playing catch, riding bikes, reading books, or offering an open ear to share hopes and fears, Bigs (as they are called in the program) provide an irreplaceable influence in the lives of our nation’s young people.
Big Brothers Big Sisters of Gallatin Valley is the local chapter of Big Brothers Big Sisters here in Bozeman, Montana where TRG is based. Just like every other BBBS office in the country, they offer an unparalleled experience for less fortunate young people. It’s not uncommon to see Big Brothers and Big Sisters out on the ski slopes or hiking through Montana’s resplendent outdoor trails, providing opportunities that would most likely never have been extended otherwise.
January is national mentoring month, and BBBS is always in need of donations and volunteers. Becoming a mentor is not a particularly difficult process for people who are willing and able to contribute their time and attention to someone in need. Donating money or items for matched pairs of young people and their mentors to use in activities is even easier. Something as seemingly insignificant as a baseball glove, a set of movie tickets, or a bookshelf can be infinitely helpful in the lives of young people. Fundraisers like “Bowl for Kids’ Sake” are another enjoyable way to participate in or donate to an exceptional organization and an extraordinary cause. Trade Risk Guaranty supports Big Brothers Big Sisters of Gallatin Valley because of the positive impact they have on the entire community and its future.
Young people will grow up to rule the world—with the help of organizations like Big Brothers Big Sisters they will have a better chance to meet their full potential. Responsible Citizenship is one of TRG’s Eight Core Values, and it is perfectly reflected in the values of Big Brothers Big Sisters. Keep up the good work Big Brothers Big Sisters of Gallatin Valley, we’re with you. Here’s to another century of success.
Wednesday, January 4, 2012
Where the ‘Cool Kids’ will be in 2012
By Kelby Woodard
The year 2011 will undoubtedly go down in the record books as an uneventful one for the global supply chain, which was exactly what most of us were looking for after the economic tumult of the previous few years. In regards to supply chain security, however, we should be prepared for a very interesting 2012. A few events in 2011 point to a very fun year if you like a little excitement with your supply chain.
By far the most interesting event of 2011 was the ‘Occupy the Ports’ movement. These misguided protestors intended to shut down the West Coast ports and bring attention to the supposed harm our global supply chain inflicts on the American economy. Fortunately, the immediate effect on the movement of goods was negligible to slightly annoying. The biggest winner in these protests was the security teams in the ports, who were fully prepared and acted in a highly professional and effective manner. The plans and procedures implemented in the years following September 11th were vital during these protests. I predict that the ‘occupy’ movement will continue to try to convince Americans that the global supply chain does not in fact create jobs, or help keep inflation in check, or actually create prosperity. As a result, the actions of the Occupy movement in 2012 could prove to be interesting for those of us who thrive on solving complex supply chain security problems.
Wal-Mart recently revealed that they are conducting an internal investigation focused on possible violations to the Foreign Corrupt Practices Act (FCPA). When the world’s largest commercial supply chain publically recognizes that it may have issues with corruption and fraud at high levels, you can bet it will be headline news in 2012. That in turn will mean a renewed focus on ensuring the integrity of every supply chain operation. In case you think only the mighty are affected, take a look at what happened at Fry’s Electronics in 2011. Former Fry’s executive Ausaf Siddiqui was sentenced to six years in prison for receiving over $65 million in kickbacks from vendors. Siddiqui was a highly respected sourcing executive and was able to perpetrate his crimes over many years. Is it surprising that with the billions of dollars being spent on commercial supply chains that no one may be tempted to earn more than their fair share? With a little focus on the part of supply chain security teams, more similar revelations are likely to manifest themselves in 2012.
Finally, there is China. The Conference Board (one of the most prominent business forecasting organizations in the world) predicts China’s economic growth will gradually slow to 3.5% from 2017 to 2025. While that may not sound too catastrophic, anything less than a 9% growth rate in China will inevitably result in social instability. After trillions of stimulus dollars spent by the Chinese government (that may sound familiar), the flexibility to respond to economic downturns will be extremely limited in the coming decade. We may witness the slow decline of China’s preeminence in global trade beginning in 2012. The result would not only have a tremendous impact on the global economy, it may also shift significant supply chain risk to the ‘world’s factory’.
That’s why the ‘cool kids’ will be hanging out in supply chain security in 2012.
All Rights Reserved--Trade Innovations, Inc. 2012
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