CBP Updates Fact Sheet on ACE Periodic Monthly Statement
U.S. Customs and Border Protection has issued an updated version of its fact sheet on Automated Commercial Environment (ACE) periodic monthly statements (PMS). CBP states PMS simplify the processing of duties and fees for importers and brokers with ACE accounts.
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CBP Collects over 55% of Duties & Fees on Eligible Entry Summaries via PMS
CBP states that ACE enhances account-based processing of duties and fees paid to CBP, which allows CBP to more efficiently focus its efforts on enhanced border security while benefiting the trade community with expedited payment processing. CBP collects more than 55% of duties and fees on eligible entry summaries via periodic monthly statement, representing more than $1 billion dollars per month. Overall, there are more than 18,500 ACE Portal accounts.
Allows ACE Account Holders to Make Interest-Free Payments on Monthly Basis
With ACE, duties and fees no longer have to be paid on a transaction-per-transaction basis. ACE periodic monthly statements can streamline accounting and report processing and provide the ability to make periodic payments on an interest-free monthly basis. Account owners mark the entries they wish to be paid on the statement and then submit payments through Automated Clearing House (ACH) processing. ACE account holders have the ability to pay for shipments released during the previous month by the 15th business day of the following month.
Importers Can Participate by Establishing an ACE Portal or Non-Portal Account
Importers can establish their own ACE Secure Data Portal account to participate in periodic monthly statement. The ACE portal is essentially a customized homepage that connects CBP, the trade community and Participating Government Agencies. An alternative for participation is to have the importer participate as a Non-Portal account through a broker who has an ACE Secure Data Portal account.
Trade Benefits Include Online Tracking of Activities, Access to Reports, Etc.
ACE trade community benefits from the periodic monthly statements include:
- Payment of duties and fees on a monthly basis;
- Duty payments on the 15th working day of the month, which can result in significant cash flow benefits;
- Online tracking of trade activities through customized account views; and
- Access to more than 125 customizable reports that can be used to track compliance and monitor daily operations.
(See ITT's Online Archives or 05/16/11 news, 11051613, for BP summary of CBP's most recently updated ACE fact sheets.
See ITT's Online Archives or 12/23/10 news, 10122330, for BP summary of the most recent changes to a PMS or a Daily statement for ACE entry summaries.
See ITT's Online Archives or 06/30/10 news, 10063039, for BP summary of CBP's PMS User Guide.)