Late payment interest
Also called: default interest · gecikme faizi
Interest charged on customs duties that are paid after the due date, or on amounts recovered after a post-clearance check. Rates are set by law and differ between jurisdictions; in the US interest also runs on underpaid duties until liquidation.
In practice
Correcting underpayments early through voluntary disclosure limits interest as well as penalties.
EU
Türkiye
UK
USARelated terms
- Customs debt
- The legal obligation to pay import or export duty on specific goods. It arises at the moment a declaration is accepted for release for free…
- Voluntary disclosure
- Notifying customs on your own initiative about errors in past declarations before an investigation starts. In the US a prior disclosure under 19 USC…
- Post-clearance audit
- A check carried out by customs after goods have been released, by examining commercial records, declarations and systems. It can lead to corrections…
- Liquidation
- CBP's final computation of the duties and fees owed on a US entry, normally about 314 days after entry. After liquidation, duty differences are…