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boomerang carnets from the USA : A Comparison

 

FEATURES US Carnet Foreign Temporary Importation Under Bond (TIB) US Customs Form 4455 Certificate of Registration (CF4455) Foreign Consumption Entry with full Payment of Duty and Taxes and possibility of Duty Drawback. Foreign Customs Broker’s Entry Bond
Easily Obtained? YES NO. May be difficult to get and/or expensive. YES NO. May be difficult to get and/or expensive. NO. May be difficult to get and/or expensive.
Provides duty- & taxfree entry into foreign countries AND duty free re-entry to the US? YES NO. A CF4455 must be filed with and validated by US Customs prior to departure from the US to re-enter the US duty-free. NO. A CF4455 is only for duty-free re-entry to the US of US origin goods. It doesn’t apply to foreign entries. A carnet, TIB or other method must be used for foreign entry. NO. The foreign entry is not duty or tax-free. A duty drawback refund may be applied for at a later time. However less than 100% of the duty and taxes will be refunded. A CF4455 must be filed with and validated by US Customs prior to departure from the US to reenter the US duty-free. NO. However payment may be deferred if duty and taxes are guaranteed by a bond or dutydeferral for which the foreign Customs House Broker (CHB) will require a fee. A CF4455 must be filed and validated by US Customs prior to departure from the US to re-enter the US duty-free.
Entry documents are issued prior to departure? YES NO. Import documents are prepared and filed at the time of foreign entry. Not relevant to the CF4455. NO. Arrangements are made at time of foreign entry and after re-exportation. NO. Arrangements are made at the time of foreign entry.
All fees, security deposits and premiums are fixed, known and paid prior to departure? YES NO. Fees are determined at the time of foreign entry and may depend upon a foreign CHB’s fees. NO. Foreign entry fees are not calculated and fixed prior to departure. NO. Fees are determined at the time of foreign entry and after re-exportation. NO. Arrangements are made at the time of foreign entry.
Payment in US dollars for fees, premiums, duty, tax and deposits? YES NO. Local currency only unless foreign customs and the foreign CHB will accept USD. NO. The fee to issue the CF4455 is payable in USD however the foreign entry will likely require local currency. NO. Local currency only unless the foreign customs and the foreign CHB will accept USD. NO. Local currency only unless the foreign customs and the foreign CHB will accept USD.
Convenience and Security of Payment of Fees, Deposits, Duty or Tax by Credit Card? YES. Payment may also be made by check or ACH. NO. A few countries accept credit cards for payment of TIB premium and possibly the TIB security deposit. NO. It is likely that the US freight forwarder that files the CF4455 will accept credit cards or offer terms however only in a few instances will foreign countries accept a credit card for payment of duty and taxes. NO. In a few instances countries will accept a credit card for payment of duty and taxes. NO. In some instances a foreign CHB may accept a credit card for payment of services or deposits.
Unlimited use to more than one country for up to a period of one year? YES NO NO NO NO
Full Refund of Duty/Tax deposit? Not relevant to the carnet. YES. The TIB security deposit may be refunded upon presentation of documents proving reexportation. Not relevant to the CF4455. NO. Duties are not typically fully refundable as prescribed by the terms of drawback. Taxes are not usually covered on a duty drawback application. By agreement with the foreign CHB.
Penalties for failure to reexport? Maximum penalty allowed under Carnet Convention is 10% of the duty and tax if merchandise is not reexported. Civil penalty, in addition to all duty and tax, varies according to local laws and regulations if merchandise is not re-exported. Not relevant to the CF4455. An “automatic penalty” applies since most countries refund only a portion of the duty and tax paid where a drawback refund is applied for. Civil penalty, in addition to all duty and tax, varies according to local laws and regulations if merchandise is not re-exported.

 

Note: Not all methods of temporary importation are available in all countries.

Created by boomerang carnets®, an ATA Carnet Service Provider for USCIB.

www.atacarnet.com - The CIB Carnet HelpLine® (800) ATA-2900

This document may not be duplicated, reprinted or distributed without the written consent of an officer of boomerang carnets®, 8715 Cary Algonquin Rd., 2nd Floor, Cary, IL 60013. 
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