How can you reduce customs charges with the GSP scheme?
The US currently follows the GSP (Generalised System of Preferences) scheme, which means that goods coming from certain countries will have lower import duty. In some cases, they may even be free from duty altogether. The scheme is intended to encourage business between the US and developing countries, such as:
- Cameroon
- India
- Moldova
- Nigeria
- Ukraine
- Armenia
See the full list on ustr.gov
What’s the difference between informal and formal entries?
- Informal entry is an entry of goods priced under 2,500 USD and it’s intended mostly for personal import.
- Formal entry is an entry of goods priced over 2,500 USD and it should be cleared by CBP
What is MPF?
MPF stands for Merchandise Processing fee:
- On informal entries: $2.10-$5.77 per parcel.
- On formal entries: 0.3464% of the goods value with minimum fee of $26.22 and maximum $508.70
Factsheet
I’ve bought luxury goods overseas that total around $5K, and will be heading back to the states in 2 days. Many people are saying you can possibly be taxed on anything that is over an $800 tax free amount, however, on the Declaration page, it only asks if you are bringing $10K worth of money or goods.
What is the $800 limit about and how does that differ from the $10K question?