De Minimis Value Increases to $800
(March 11, 2016)
WASHINGTON — As agreed in the Trade Facilitation and Trade Enforcement Act of 2015, signed by President Barack Obama Feb. 24, U.S. Customs and Border Protection (CBP) announced that March 10, it raised the value of a shipment of merchandise imported by one person on one day that generally may be imported free of duties and taxes from $200 to $800. This raising of the de minimis exemption is due to an amendment of the Tariff Act of 1930 included in the Trade Facilitation and Trade Enforcement Act of 2015.
Shipments valued at $800 or less for the de minimis exemption will be eligible under the same processes and with the same restrictions that currently apply to de minimis shipments of $200 or less.
CBP plans to publish an Interim Final Rule amending the appropriate regulations and soliciting comments from interested parties. CBP has the right to require a formal entry on any shipment where additional information, bonding or protection is required. In the case of low value shipments, it is important to note that this treatment can be denied if used for the purpose of avoiding compliance with any pertinent law or regulation.
In fiscal year 2015, CBP processed more than $2.4 trillion in trade, processed approximately 33 million import (entries) and collected roughly $46 billion in duties, taxes and other fees – the largest amount collected in the last five years.
For Complete Article: http://www.cbp.gov/newsroom/national-media-release/2016-03-11-000000/de-minimis-value-increases-800