📋Regulation Update
Agency Information Collection Activities; Extension; Foreign Trade Zones Annual Reconciliation and Recordkeeping Requirement
Summary
The Department of Homeland Security, U.S. Customs and Border Protection (CBP) will be submitting the following information collection request to the Office of Management and Budget (OMB) for review and approval in accordance with the Paperwork Reduction Act of 1995 (PRA). The information collection is published in the Federal Register to obtain comments from the public and affected agencies.
Agencies
- Homeland Security Department
- U.S. Customs and Border Protection
Business Impact
$$ - Med
The notice affects businesses operating Foreign Trade Zones (FTZ) by detailing compliance regulations on annual reconciliation and recordkeeping. Failure to comply could lead to penalties, making adherence essential for business operations within FTZs. The regulatory collection impacts all involved businesses, requiring management of documentation accurately and timely.