1️⃣ 𝗣𝗿𝗼𝘃𝗶𝘀𝗶𝗼𝗻𝗮𝗹 𝗮𝘀𝘀𝗲𝘀𝘀𝗺𝗲𝗻𝘁𝘀 𝗺𝗮𝘆 𝗻𝗼𝘄 𝗯𝗲 𝗳𝗶𝗻𝗮𝗹𝗶𝘇𝗲𝗱 𝘄𝗶𝘁𝗵𝗶𝗻 2 𝘆𝗲𝗮𝗿𝘀 𝘂𝗻𝗱𝗲𝗿 𝗦𝗲𝗰𝘁𝗶𝗼𝗻 18
If you’ve ever dealt with 𝗽𝗿𝗼𝘃𝗶𝘀𝗶𝗼𝗻𝗮𝗹 𝗮𝘀𝘀𝗲𝘀𝘀𝗺𝗲𝗻𝘁𝘀, you know the struggle—𝗻𝗼 𝗱𝗲𝗮𝗱𝗹𝗶𝗻𝗲𝘀, 𝗲𝗻𝗱𝗹𝗲𝘀𝘀 𝗶𝗻𝗾𝘂𝗶𝗿𝗶𝗲𝘀, 𝗮𝗻𝗱 𝘆𝗲𝗮𝗿𝘀 𝗼𝗳 𝘂𝗻𝗰𝗲𝗿𝘁𝗮𝗶𝗻𝘁𝘆.
Especially when the 𝗦𝗽𝗲𝗰𝗶𝗮𝗹 𝗩𝗮𝗹𝘂𝗮𝘁𝗶𝗼𝗻 𝗕𝗿𝗮𝗻𝗰𝗵 (𝗦𝗩𝗕) gets involved.
Well, that may be about to change. If implemented effectively, this could mean:
✅ 𝗦𝗵𝗼𝗿𝘁𝗲𝗿 𝘁𝗶𝗺𝗲𝗹𝗶𝗻𝗲𝘀—SVB investigations may now wrap up within 2 years.
✅ 𝗙𝘂𝘁𝘂𝗿𝗲 𝗰𝗮𝘀𝗲𝘀: Potentially capped at 2 years.
✅ 𝗘𝘅𝗶𝘀𝘁𝗶𝗻𝗴 𝗰𝗮𝘀𝗲𝘀: Could also be completed within 2 years.
For companies importing from their 𝗽𝗮𝗿𝗲𝗻𝘁 𝗰𝗼𝗺𝗽𝗮𝗻𝗶𝗲𝘀 𝗮𝗯𝗿𝗼𝗮𝗱, this could be a 𝗴𝗮𝗺𝗲-𝗰𝗵𝗮𝗻𝗴𝗲𝗿, bringing much-needed efficiency.
2️⃣ 𝗔 𝗻𝗲𝘄 𝗦𝗲𝗰𝘁𝗶𝗼𝗻 18𝗔 𝗶𝗻𝘁𝗿𝗼𝗱𝘂𝗰𝗲𝘀 𝘃𝗼𝗹𝘂𝗻𝘁𝗮𝗿𝘆 𝗿𝗲𝘃𝗶𝘀𝗶𝗼𝗻 𝗼𝗳 𝗯𝗶𝗹𝗹 𝗼𝗳 𝗲𝗻𝘁𝗿𝘆 𝗼𝗿 𝘀𝗵𝗶𝗽𝗽𝗶𝗻𝗴 𝗯𝗶𝗹𝗹 𝗽𝗼𝘀𝘁-𝗰𝗹𝗲𝗮𝗿𝗮𝗻𝗰𝗲, allowing:
✅ Importers & exporters to 𝗿𝗲𝘃𝗶𝘀𝗲 𝗲𝗻𝘁𝗿𝗶𝗲𝘀 𝘄𝗶𝘁𝗵𝗶𝗻 𝗮 𝗽𝗿𝗲𝘀𝗰𝗿𝗶𝗯𝗲𝗱 𝘁𝗶𝗺𝗲.
✅ Revised entries to be treated as 𝘀𝗲𝗹𝗳-𝗮𝘀𝘀𝗲𝘀𝘀𝗺𝗲𝗻𝘁𝘀.
✅ Voluntary payments 𝘄𝗶𝘁𝗵𝗼𝘂𝘁 𝗽𝗲𝗻𝗮𝗹𝘁𝘆, but with 𝗶𝗻𝘁𝗲𝗿𝗲𝘀𝘁 𝘂𝗻𝗱𝗲𝗿 𝗦𝗲𝗰𝘁𝗶𝗼𝗻 28𝗔𝗔.
✅ If a revised bill of entries results in a refund situation, it will be deemed as a 𝗿𝗲𝗳𝘂𝗻𝗱 𝗮𝗽𝗽𝗹𝗶𝗰𝗮𝘁𝗶𝗼𝗻 𝘂𝗻𝗱𝗲𝗿 𝗦𝗲𝗰𝘁𝗶𝗼𝗻 27 𝗼𝗳 𝘁𝗵𝗲 𝗖𝘂𝘀𝘁𝗼𝗺𝘀 𝗔𝗰𝘁.
✅ 𝗢𝗻𝗹𝘆 𝗿𝗶𝘀𝗸-𝗯𝗮𝘀𝗲𝗱 𝘃𝗲𝗿𝗶𝗳𝗶𝗰𝗮𝘁𝗶𝗼𝗻—not all revised entries will be scrutinized.
𝗜𝗺𝗽𝗮𝗰𝘁 𝗼𝗳 𝗦𝗲𝗰𝘁𝗶𝗼𝗻 18𝗔
✔️ 𝗦𝗵𝗼𝗿𝘁 𝗽𝗮𝘆𝗺𝗲𝗻𝘁 𝗼𝗳 𝗖𝘂𝘀𝘁𝗼𝗺𝘀 𝗗𝘂𝘁𝘆 – Importers often struggle to get a 𝗿𝗲𝗮𝘀𝘀𝗲𝘀𝘀𝗲𝗱 𝗯𝗶𝗹𝗹 𝗼𝗳 𝗲𝗻𝘁𝗿𝘆 (essential for 𝗜𝗚𝗦𝗧 𝗰𝗿𝗲𝗱𝗶𝘁) even after paying additional customs duty. This change could simplify the process.
✔️ 𝗘𝘅𝗰𝗲𝘀𝘀 𝗽𝗮𝘆𝗺𝗲𝗻𝘁 𝗼𝗳 𝗖𝘂𝘀𝘁𝗼𝗺𝘀 𝗗𝘂𝘁𝘆 – Currently, importers must go through 𝗦𝗲𝗰𝘁𝗶𝗼𝗻 149 (𝗮𝗺𝗲𝗻𝗱𝗺𝗲𝗻𝘁 𝗼𝗳 𝗯𝗶𝗹𝗹 𝗼𝗳 𝗲𝗻𝘁𝗿𝘆) or 𝗦𝗲𝗰𝘁𝗶𝗼𝗻 128 (𝗮𝗽𝗽𝗲𝗮𝗹𝘀 𝗽𝗿𝗼𝗰𝗲𝘀𝘀)—both 𝘁𝗶𝗺𝗲-𝗰𝗼𝗻𝘀𝘂𝗺𝗶𝗻𝗴 𝗮𝗻𝗱 𝗰𝗼𝘀𝘁𝗹𝘆. This amendment may offer a 𝗳𝗮𝘀𝘁𝗲𝗿 𝗮𝗹𝘁𝗲𝗿𝗻𝗮𝘁𝗶𝘃𝗲.
🚫 𝗡𝗼 𝗿𝗲𝘃𝗶𝘀𝗶𝗼𝗻 𝗮𝗹𝗹𝗼𝘄𝗲𝗱 𝗶𝗳:
❌ Audit, search, seizure, or summons have been initiated.
❌ A revised bill of entry 𝗿𝗲𝘀𝘂𝗹𝘁𝘀 𝗶𝗻 𝗮 𝗿𝗲𝗳𝘂𝗻𝗱 𝘀𝗶𝘁𝘂𝗮𝘁𝗶𝗼𝗻 and has been reassessed under 𝗦𝗲𝗰𝘁𝗶𝗼𝗻 17 or 𝗽𝗿𝗼𝘃𝗶𝘀𝗶𝗼𝗻𝗮𝗹𝗹𝘆 𝗮𝘀𝘀𝗲𝘀𝘀𝗲𝗱.
❌ Any other case specified by the 𝗕𝗼𝗮𝗿𝗱.
Will this truly streamline processes or create new complexities?
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