{"id":17621,"date":"2021-07-02T14:54:37","date_gmt":"2021-07-02T19:54:37","guid":{"rendered":"https:\/\/www.miq.com\/?p=16935"},"modified":"2021-07-02T14:54:37","modified_gmt":"2021-07-02T19:54:37","slug":"consolidated-duty-payments-with-customs-periodic-monthly-statement","status":"publish","type":"post","link":"https:\/\/www.noatumlogistics.com\/us\/consolidated-duty-payments-with-customs-periodic-monthly-statement\/","title":{"rendered":"CONSOLIDATED DUTY PAYMENTS WITH CUSTOMS PERIODIC MONTHLY STATEMENT"},"content":{"rendered":"<p>Following nearly two years of increased duties\/tariffs related to many retaliatory programs, aimed at unfair trade practices, as well as escalating costs via air, ocean rail and truck many importers are seeing an ever-increasing hit to their cash reserves. The volume and timing of cash outlays outpaces their cash inflows from their clients paying on terms. Managing cash flow is often the first area of focus each day for importers. <!--more--><\/p>\n<p>U.S. Customs and Border Protections does have a solution that is designed to improve cash flows called <a href=\"https:\/\/noatumlogistics.us5.list-manage.com\/track\/click?u=8951580316fc7f4fec4b48f3e&amp;id=d9780b79d6&amp;e=a5c3c99eb1\">Periodic Monthly Statement (PMS)<\/a>. PMS is processed through their Automated Commercial Environment (ACE) ACH program and allows importers to consolidate their payment of duties and taxes into twelve (12) interest-free monthly payments vs paying on a transaction-by-transaction bases. These 12 monthly payments are all paid on the 15<sup>th<\/sup> business day in the month following importation, giving importers on average 36 days of cash flow. Customs <a href=\"https:\/\/noatumlogistics.us5.list-manage.com\/track\/click?u=8951580316fc7f4fec4b48f3e&amp;id=a69026a1ef&amp;e=a5c3c99eb1\">Periodic Monthly Statement Fact Sheet <\/a>provides additional information about the program.<\/p>\n<p>Joining the PMS program provides many operational and financial advantages including:<\/p>\n<ul>\n<li>Consolidated Payment of Duties and Taxes \u2013 12 Interest-Free Payments Annually<\/li>\n<li>Secure Electronic Payments<\/li>\n<li>More working capital with the extended cash flow provided<\/li>\n<li>Fully meet obligations for importer payment of duty regulations 19 CFR 141.1<\/li>\n<li>Streamlines accounting and reporting processes<\/li>\n<li>Reduces internal accounting costs<\/li>\n<li>Fewer Transaction costs<\/li>\n<li>Reduces reconciliation time<\/li>\n<li>Automation \u2013 the process of payment is automated through ACE<\/li>\n<li>Importer can select a National Statement or Port Statement<\/li>\n<li>Active monthly visibility of your duty spends<\/li>\n<li>Published schedule for payments<\/li>\n<\/ul>\n<p>If you are interested in <a href=\"https:\/\/noatumlogistics.us5.list-manage.com\/track\/click?u=8951580316fc7f4fec4b48f3e&amp;id=f8c738e31c&amp;e=a5c3c99eb1\">Participating in the PMS Program<\/a> then you\u2019ve made a great choice and the process is very simple.<\/p>\n<ol>\n<li>Complete and submit the <a href=\"https:\/\/noatumlogistics.us5.list-manage.com\/track\/click?u=8951580316fc7f4fec4b48f3e&amp;id=f1935d62d9&amp;e=a5c3c99eb1\">CBP ACH Application<\/a> to receive your payor unit number (PUN).<\/li>\n<li>Notify your Noatum Logistics account rep and we will request PMS Activation for you.<\/li>\n<\/ol>\n<p>Once accepted into the PMS Program Noatum will schedule a meeting to walk you through the process further and identify a start day for when entries will start being flagged so you can begin taking advantage of the program.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-16936 size-full\" src=\"https:\/\/www.miq.com\/wp-content\/uploads\/2021\/07\/Consolidated-Duty-Paments-with-Customs-Image-7.2.21.jpg\" alt=\"\" width=\"574\" height=\"638\" \/><\/p>\n<p>If you have any questions, please <a href=\"https:\/\/noatumlogistics.us5.list-manage.com\/track\/click?u=8951580316fc7f4fec4b48f3e&amp;id=27289e58b5&amp;e=a5c3c99eb1\">contact\u00a0your Noatum Logistics representative<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Following nearly two years of increased duties\/tariffs related to many retaliatory programs, aimed at unfair trade practices, as well as escalating costs via air, ocean rail and truck many importers&#8230;<\/p>\n","protected":false},"author":9,"featured_media":16077,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[357,358],"tags":[],"class_list":["post-17621","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-regulatory-updates","category-supply-chain-alerts"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - 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