De Minimis Limit Increased
You are planning on importing goods for your small business but there are an incredible amount of rules, regulations, and paperwork involved. It can be overwhelming trying to sort through everything and make sense of what needs to be done. The experienced Tampa Customs broker at Eduardo A Arecco CHB is here to help with all of your importation needs.
On important aspect of importing is the de minimis rule that may apply to your imported goods. A de minimis rule simply states the value of goods one person may import on one day before duties and taxes apply.
If you have traveled outside of the United States, you are probably familiar with this rule, as you are required to declare what goods you are bring back into the U.S. with you. If you exceeded the limited imposed for the value of those goods, you are expected to pay duties and taxes. When importing for business purposes, the same rules apply. In the United States, the current value of goods that may be imported by one person on a single day without duties and taxes is $800. This is an increase of $600 from the previous law stating the limit was $200
The change in the de miminis exemption was announced on March 11, 2016 by the U.S. Customs and Border Protection (CBP) agency. This announcement follows the Trade Facilitation and Trade Enforcement Act of 2015 that was signed by President Obama on February 24, 2016. This bill amended the Tariff Act of 1930 that set the limit at $200. With this amendment, the limit has been raises, as mentioned earlier, to $800.
If you have questions regarding importing goods or the laws that govern such actions, contact the skilled Tampa Customs broker at Eduardo A Arecco. We are here to help you understand the importation process and do the hard work for you. Contact us for a free quote today!