By: Daniel Cariello
The new export reporting requirements have captured the attention of both experienced and non-experienced exporters. Between new exemptions, deleted exemptions, new definitions, modified language… it can all seem a bit daunting at first.
To help you out, the Census Bureau and Customs and Border Protection (CBP) have issued FTR Letter # 8 that addresses concerns for complying with the Final Rule effective April 5, 2014. The new FTR Letter #8, implements a 180 day informed compliance period, which means that between April 5, 2014 through October 2, 2014, no penalties will be issued to filers who fail to comply with the new revisions to the FTR.
So what does this mean for exporters?
Penalties can still be issued for violations related to the FTR published June 2, 2008. Additionally, the Census Bureau and CBP will continue their outreach efforts to educate the trade community on the new requirements of the Final Rule.
What is changing in the FTR?
Changes to the FTR were summarized in our previous blog post “The New Foreign Trade Regulations (FTR) Export Requirements.” If you want to read the new export regulations in their entirety, check out our easy to read interactive FTR.
For questions related to changes in the FTR, please call 1-800-549-0595, option 3. For technical questions related to filing in the Automated Export System, choose option 1.