Customs Declaration
A formal document submitted to customs authorities declaring the contents, value, origin, and classification of goods being imported or exported across international borders. In the US, the customs declaration (CBP Form 7501 for imports) is used by Customs and Border Protection to assess duties, taxes, and compliance with trade regulations. Incorrect or fraudulent declarations can result in penalties, seizure of goods, or criminal charges.
Detailed Explanation
A formal document submitted to customs authorities declaring the contents, value, origin, and classification of goods being imported or exported across international borders. In the US, the customs declaration (CBP Form 7501 for imports) is used by Customs and Border Protection to assess duties, taxes, and compliance with trade regulations. Incorrect or fraudulent declarations can result in penalties, seizure of goods, or criminal charges.
Example
An importer's customs broker files an electronic customs declaration for a container of textiles from Vietnam, classifying them under the correct HTS codes and declaring a value of $125,000 for duty assessment.
Related Resources
Need Help With Your Freight?
Understanding freight terminology is the first step. Let us handle the rest — tell us about your shipment and we will match you with the right carrier.