On May 30, 2012, U.S. Customs and Border Protection ("CBP" or "Customs") finalized its new policy on post importation adjustments to the price of imported goods in a related-party setting, thereby opening the door for companies making such adjustments to realize significant duty savings if the adjustment results in a lower dutiable value. Customs initially proposed this policy change in December 2011 in an effort to make it easier for related parties to use transaction value when making post-importation adjustments based upon a written transfer pricing policy that is in accordance with IRS rules or an Advance Pricing Agreement ("APA").

In this article, Richard Abbey,* Dan Wendt, Saskia Zandieh,* Rocco Femia, and Mary Prosser* discuss this new policy and the possible benefits it may bring.

Read related Miller & Chevalier alert.

*Former Miller & Chevalier attorney