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Cross Borders Blog
Exporting – DID YOU KNOW? Avoid Fines, Foreign Trade Regulations Automated Export System (AES)
Posted on 10/19/2014
Is your company involved in exporting goods from the United States? If so, your company is required to comply with export reporting regulations which if ignored, can attract substantial fines and other penalties. For goods exported and valued at more than $2,500 shipped anywhere other than Canada, Foreign Trade Regulations (FTR) require that you file your export information electronically through the Automated Export System (AES).
Electronic Export Information (EEI) is the export data as filed in the Automated Export System (AES). This is the electronic equivalent of the export information formerly filed on the Shipper’s Export Declaration. Penalties may be imposed per violation of the FTR from $1,100 per day to $10,000 for the delayed filing, failure to file, false filing of export information, and/or using the AES to further any illegal activity. For many exporting businesses, common errors are: non-filing or late filing of the EEI, incorrectly reporting the export and commodity values, USPPI, consignee, end-user and commodity descriptions. (HTS/Schedule B Codes) Accurate EEI filings in AES is just one requirement for ensuring your business has the processes and procedures in place to comply with U.S. Export Controls. Contact Us today. At Cross Border Partners Advisory Services, our experienced team of Trade and Advisory service professionals can assist your business with the evaluation and implementation of effective, customized export compliance solutions. https://www.crossborderpartners.com/
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