6 Import Advantages of Periodic Monthly Statements (PMS)?

Periodic Monthly Statements (PMS) is a feature of the Automated Commercial Environment (ACE) that streamlines the payment and collection of Customs duties and fees. PMS consolidates eligible shipments and allows them to be paid on a monthly basis.

There are 6 key advantages for importers taking advantage of the PMS program:

1. Consolidating individual entry summaries, allowing them to be paid as late as the 15th working day of the following month;
2. More working capital! By providing additional flexibility in the management of duty payments, importers have a potentially new source for extended cash flows;
3. Streamlining accounting and reporting processes;
4. Allows importers to select national or a port statements;
5. Active, monthly visibility of your duty spend; and
6. Shifting from transactional processing to an interest-free mothly payment.

Entry summaries approved for coverage on a Periodic Monthly Statement must be covered under a continuous import bond and paid via Automated Clearinghouse (ACH) Debit or Credit.

Automated Clearinghouse (ACH) is the electronic payment method that allows its participants to pay duties and fees as well as receive refunds.  ACH automates secure deposits of Treasury checks, reducing delays and risk associated with receiving checks in the mail. This paperless program lessens much of the administrative errors and inaccuracies that occur with such documentation and transactions.

U.S. Customs & Border Protection (CBP) offers three ACH options:

1. ACH DEBIT
   1. Available to Automated Broker Interface (ABI) filers
   2. Can be used to pay all customs duties, taxes, and fees
2. ACH CREDIT
   1. Available to anyone that clears formal entries on statements
3. ACH REFUND
   1. Available to anyone with a taxpayer-assigned number, U.S. bank account, and exoects a refund from CBP.

Entry summaries not eligible for Periodic Monthly Statement include:

• NAFTA Duty Deferral (Entry Type 08);
• Reconciliation (Entry Type 09); and
• Entry summaries with IRS tax class codes.

INTERESTED?

Contact Green Worldwide Shipping, or visit CBP’s PMS/ACH Guide.