Custom brokers are professionals who assist importers in fulfilling federal requirements governing imports into the country. In short, brokers are private individuals, associations, or corporations licensed as partnerships, regulated, and empowered by the responsible authorities. The role of custom brokers is to oversee transactions that are related to customs entry, product classification, admissibility of merchandise, payment of duties, custom valuation, taxes, and other charges such as duty drawbacks, refunds, and rebates.
For you to understand the importance and roles of custom brokers, we have prepared a short guideline for this issue.
They Represent You
You should perceive custom brokers as your personal representatives, and to this end, you should provide your broker with valid powers of attorney so that they can undertake business on your behalf. So, you need to think wisely and choose a customs broker who is fully aware of the importance of custom brokerage and will act as your personal agent, making sure to explain to you the principles of custom rules as well as regulations. Most importantly, they should review transactions that will guarantee compliance.
Paying Fees and Duties
The importance of customs brokerage is highlighted when it comes to paying taxes. Your broker has options. They can either pay all of the taxes immediately or within ten days after entrance. Nonetheless, customs brokers will help you with customs clearing and make sure that all of the responsibilities regarding your goods are sorted out in time. Your broker may also handle the payment of taxes with an automated clearing house account if you have one. On the other hand, your broker is responsible for obtaining a refund or duty drawback in cases of miscalculations and overpayments.
Taking Care of Custom Transactions
The customs broker is responsible for taking care of forms and submitting all of the essential papers so that the goods entering the intended country are clear. There is a procedure for this. The first step to be taken is to fill out the entry forms that include cargo information such as classification codes, weights, origin, and quantity before the cargo is sent to customs. In addition, custom brokers can assist you when completing paperwork to qualify imports for trade agreements such as NAFTA or provide additional information on export licenses.
They Keep Records
When it comes to customs, the most important part is undoubtedly the paperwork. All of the important paperwork, which includes copies of any current and revoked powers, must be kept by your customs broker for a period of at least five years following the date of arrival. When it comes to this confidential information, your broker is allowed to disclose it only to you or customs in cases of inspection or audit.
Customs brokerage is extremely important for people dealing with the import and export of goods. For them, it is of utmost importance for their goods to be clean and have positive records so that their business may have uninterrupted flaws. Therefore, custom brokers are among the most important people when it comes to handling these details.
