First Sale Declaration Requirement

US Customs

A US Customs and Border Protection (CBP) requirement that importers state on CBP Form 7501 whether the declared value of the import shipment was based on the price paid by the buyer in a sale occurring earlier than the last sale prior to the introduction of the merchandise into the United States. CBP is said to be seeking to eliminate the first sale value in favor of the last sale value. This requirement was established in the Farm Bill of 2008.

For more information go to: www.cbp.gov.

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