Unlocking the Secrets: ISF Filing vs. Entry Filing - Know the Key Differences!

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In this video, we discuss the important topic of ISF filing and entry filing in customs brokerage. ISF filing, or Importer Security Filing, is an advance electronic filing of cargo information required by US Customs and Border Protection. It aims to enhance security and assess potential risks before goods arrive in the United States. ISF filing must be done at least 24 hours before cargo is loaded onto a vessel. Failure to comply can result in penalties and delays. On the other hand, entry filing is the formal process of submitting documentation and paying duties and taxes to customs authorities. There are different types of entry filing, such as informal entry for low-value shipments and formal entry for high-value shipments. Understanding the key differences between ISF filing and entry filing is crucial in ensuring compliance, smooth customs clearance, and avoiding unnecessary costs and delays.
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Video Disclaimer Here: This video is intended for educational purposes and has no affiliation with US government entities.

00:28 - ISF filing is an advance electronic filing of cargo information required by U.S. Customs for security purposes, while entry filing involves submitting documentation and paying duties and taxes to customs authorities.
00:52 - ISF filing must be done at least 24 hours before cargo loading, covering various cargo details, while entry filing is done after goods arrive in the U.S., specifying importer information, transportation mode, and customs value.
3:06 - Non-compliance with ISF filing can lead to penalties and delays, while incorrect entry filing can result in extra fees, fines, and potential seizure of goods.
3:21 - Understanding the disparities between ISF and entry filings is crucial for importers and customs brokers to ensure compliance, smooth clearance, and avoid unnecessary costs and delays in the import process.