CBP Issues Internal Guidance on Bond Sufficiency for TIB Entries
CBP issued an internal guidance Nov. 7 on verifying bond amounts for Temporary Importation Under Bond (TIB) entries and requesting additional security under a Single Transaction Bond (STB) when a continuous bond is on file but is not sufficient to cover TIB requirements, the agency said in a Nov. 14 CSMS message.
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The internal guidance says bond amounts required for TIB entries should be set at two times the estimated duties, including fees, determined at the time of entry except in the case of samples solely for use in taking orders entered under subheading 9813.00.20, motion-picture advertising films entered under subheading 9813.00.25, and professional equipment, tools of trade and repair components for such equipment or tools entered under subheading 9813.00.50, where the bond shall be in an amount equal to 110% of the estimated duties, including fees, determined at the time of entry. In the case of restricted/prohibited merchandise, the bond shall be in an amount equal to the greater of 2x the duty including fees or 3x the value of the merchandise, CBP said.
If the continuous bond is not sufficient to cover the TIB requirements, CBP's Office of Finance, the Port of Entry or the relevant Center may require an additional STB to protect the revenue in an amount equal to the difference between the continuous bond amount and the bond amount required for the TIB entry, CBP said. The new guidance will be included in the next external version of the ACE Entry Summary Business Process Document and Monetary Guidelines for Setting Bond Amounts Directive, CBP said.