What does the international shipment release import mean?
The release of goods from customs for import is the international equivalent of the domestic term “clearance.” The release of goods allows the importer to take physical possession of the merchandise. Goods may be released from customs for import in one of two ways:
1) Release upon payment of duties and the taxes-This option is available to an importer only if the importer has arranged the payment of all duties and taxes owed to Customs in advance through a Letter of Credit or some other guarantee mechanism.
2) Release without payment of duties and the taxes-This option is available to an importer who has filed an Entry Summary with U.S. Customs indicating that the goods are being imported for consumption, use, or warehousing.
If the goods meet all applicable requirements of U.S. Customs, then the importer must indicate on the Entry Summary which party (the Importer of Record or the Foreign Principal Party in Interest) shall be responsible for paying duties and taxes on the merchandise when it is removed from customs’ custody. The release without payment option transfers responsibility to the Foreign Principal Party in Interest.
How long does FedEx International shipment release take?
The time it takes to release goods from customs depends on a variety of factors, including the country of export, the port of entry, and the mode of transportation. Generally, however, release from customs should take no more than 2 to 5 business days.
What does package release mean?
Package release is the release of a package from customs custody. It allows the importer to take physical possession of the package and clear it through customs.
What does Certificate of Release of Bonded Goods mean?
The “Certificate of Release” is a document issued by Customs noting that certain imported merchandise has been released from Customs’ control and transferred to another person or entity (usually an exporter). It signifies that any duty liability associated with that shipment has been terminated; it may also serve as a waybill for the shipment.
What does duty drawback mean?
Duty drawbacks are refunds of duties paid on imported materials that are re-exported in the same condition or having undergone ” minimal operations” (e.g., packaging, repackaging, splitting up of a bulk shipment). Duty Drawback is available to both U.S. and foreign manufacturers but is subject to certain statutory requirements.
What does Entry Summary mean?
An Entry Summary is a statement submitted by the importer through its Customs Broker that accompanies importations of goods into the U.S. The information on the entry summary enables Customs to determine how much duty is owed if any, and what other controls need to be placed on the goods (e.g., quota restrictions, licensing requirements). The entry summary must be filed prior to the release of the goods from Customs custody.