The United States collects more than $30 billion in customs duties each year, making duties the second largest source of revenue for the federal government after income taxes. But the agency charged with collecting customs duties, Customs and Border Patrol (“CBP”), estimates that between fiscal years 2007 and 2012, approximately $2.2 billion in customs duties were uncollected because importers failed to comply with customs laws. That’s an average of approximately $360 million per year. In the most recently reported year, FY 2012, CBP estimated that importers failed to pay $484 million in duties. [Read more…]
