Answer: Bonds are posted with Customs and Border Protection (CBP ) to cover any potential duties, taxes, and penalties that may be assessed, but not collected, at the time a formal entry of merchandise is made or some other CBP-related transaction occurs. In lieu of a bond, an importer may pledge cash or other U.S. Government obligations, such as Savings Bonds or Treasury notes. Bonds and or cash are held until one year after an importation is liquidated, or - in the case of a Temporary Importation Under Bond (TIB) - the importer demonstrates that the merchandise was either exported or destroyed properly.
| < Prev | Next > |
|---|
