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2014 New Year’s Resolutions

Did you make any New Year’s Resolutions for 2014? How are you doing with them? According to a study done in 2012 by the University of Scranton, 45% of Americans always make New Year’s resolutions, and another 17% occasionally do. If the study’s results are to be believed, 75% of these resolutions are maintained for at least the first week, but by the end of six months the success rate falls to 46%.

The most popular New Year’s resolutions (usa.gov) include eating healthy food, losing weight, quitting smoking, and other elements of self-improvement. I challenge you to expand this list to incorporate some resolutions that involve your drawback program.

What should this list look like and how can you succeed at these resolutions? At a minimum:

  • If you receive your refunds via Accelerated Drawback, then you are required to perform an annual review to establish compliance, as stipulated in §191.92(b)(4)(v) of the Regulations. Your resolution for the year should be to schedule this annual review early in the year to scrutinize your drawback procedures and ensure compliance.
  • Education is an ongoing effort – even if you’ve been in the industry for years, CBP and drawback regulations are constantly evolving and it’s imperative to stay abreast of how these changes affect you. Take advantage of our robust seminar schedule to brush up on your drawback knowledge and earn some Continuing Education credits.
  • If you export to Chile, make sure you are accounting for the continued reduction in drawback that began in 2012. Exports as of January 1, 2014 are now reduced to 25% of eligible drawback and your claims will need to be adjusted accordingly. See the article in this newsletter for more information.

According to a study conducted by Richard Wisemen at the University of Bristol in 2007, approximately 88% of people that make a New Year’s resolution fail. I hope that you will be among the 12% that succeeds!

2017-09-13T11:13:52+00:00 January 1st, 2014|Industry News|