What are the consequences if the importer chooses to just wait until after January 26, 2010 before submitting the required ISF?
The ISF became mandatory January 26, 2009, a period of flexible enforcement ends on January 26, 2010. What this means is Customs and Border Protection (CBP) is giving the trade an opportunity to transition providing time to adapt to the new requirement. This does not mean the importer should wait until the last minute to comply. If they do, those importers that are issued liquidated damages after January 26, 2010 for failure to comply with the 10+2 requirements (i.e. timely, accurate and complete filings) will be expected to pay in full the ISF penalty $5K per occurrence with no mitigation factor.
Related Questions
- Can bills of lading on the same vessel and voyage for the same importer be combined in the same ISF if the ports of loading or discharge are different?
- If the importer does not have a continuous bond, will a single entry bond suffice for ISF purposes?
- How can an importer be responsible for an ISF if they are not aware of a shipment?
