CBP to Accept New MPF Rate November 5th
November 1, 2011
On November 1, 2011, U.S. Customs and Border Protection (CBP) announced that the agency will be ready to accept the new MPF (class code 499) rate of 0.003464 on Saturday, November 5, 2011, at approximately 7:30am (CSMS # 11-000262). The changes to the merchandise processing fee system will allow submission with the new MPF rate for summaries that have a duty computation date of October 1, 2011 or later. Recent trade legislation raised the MPF rate for formal entries from 0.21% to 0.3464% for the period from October 1, 2011, to June 30, 2021. The 0.3464% rate is effective continuously for this period as the Korea FTA bill was enacted after the GSP bill. The minimum merchandise processing amount of $25 and maximum merchandise amount of $485 have not changed.
If you have any questions concerning these instructions, please contact a Barnes/Richardson attorney.