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Foley says it published a customs and tariff-risk self-check
Foley said it published a customs compliance and tariff-risk checklist for multinational companies, the sixth part of its self-assessment series. The firm said the guide helps importers review their procedures and identify issues warranting further examination, while noting that a negative checklist answer does not necessarily establish noncompliance.
Key points
- Foley recommended reassessing origin determinations when manufacturing locations, components or production processes change.Foley
- The firm said tariff classifications should be supported by written analysis and reviewed when products change.Foley
- Foley recommended procedures for tracking valuation adjustments, including tooling and post-import price changes.Foley
- The firm said companies should oversee customs brokers, monitor agency communications and brief senior management on exposure.Foley