CCS Customs Bonds and Requirements 5

Question 1

Under the Harmonized Tariff Schedule, antidumping (AD) and countervailing duty (CVD) deposits affect bond requirements because:

Accepted Answer

AD/CVD deposits can significantly increase the required bond amount beyond the standard 10% calculation

Answer

Because AD/CVD deposits can be substantial and subject to retroactive adjustment, they increase the importer's potential liability and therefore the required bond amount.

Question 2

A Temporary Importation under Bond (TIB) allows goods to enter the U.S. duty-free provided they are exported within what maximum time period under most TIB categories?

Accepted Answer

One year, extendable up to three years total

Answer

TIB entries generally allow one year for re-exportation, with extensions possible up to a total of three years.

Question 3

What penalty is assessed against a TIB importer who fails to re-export or destroy goods within the bond period?

Accepted Answer

Liquidated damages equal to twice the duties that would otherwise be owed

Answer

TIB bond conditions impose liquidated damages equal to twice the normal duties on goods not timely re-exported or destroyed.

Question 4

An importer of record who is also the ultimate consignee may file which document to use the importer's continuous bond for a specific shipment without a separate single-entry bond?

Accepted Answer

Entry summary (CBP Form 7501) referencing the continuous bond on file

Answer

When a continuous bond is on file, the importer references it on the CBP Form 7501 entry summary, covering that entry under the existing bond.

Question 5

Which CBP action can result in a surety being 'blacklisted' and no longer permitted to write U.S. customs bonds?

Accepted Answer

Removal from the Treasury Department's Circular 570 approved surety list

Answer

A surety that is removed from Treasury's Circular 570 list loses its authorization to write customs and other federal bonds.

(CCS) Certified Customs Specialist Practice Test

(CCS) Certified Customs Specialist Practice Test

CCS Customs Bonds and Requirements 5