Three key insights found in the report:
- U.S. Customs and Border Protection completed 379 import audits in 2010 and collected nearly $23 million in revenue.
- Failing to exercise reasonable care could result in a fine of 20% of the appraised value of the imported merchandise or two times the loss of revenue, whichever is less.
- Import-related records must be kept for a minimum of five years.
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