Reporting of First Sale to CBP
As part of the Farm Bill of 2008, Customs will require
the importer to disclose if the pricing is based on the first sale
price at the time of making a consumption entry.
Customs interpretation of first sale is as
"when the declared transaction value of the
imported merchandise is determin on the basis of the price padi
by the buyer in a sale occurring earlier than the last sale prior
to the introduction of the merchandise into the US."
This reporting will be done by making a designation
on the CF 7501.
A letter F will appear next to the declared value
if the invoice is based on first sale.
If the invoice is NOT based on a first sale invoice,
nothing with appear.
Software modifications have been made to handle the
implementation of this policy.
We will be sending out a form to all of our customers,
that can be used to advise us of the status of your shipments. This
form will also be available here for download.