For the first time since 1993, The United States of America increased the de minimis value from $200 USD to $800 USD. This significant change can save you a lot of money on duties and taxes.
What is De Minimis?
“De Minimis” is the minimum dollar value of goods and low-value imports in which no duties or taxes are collected.
These are the four ways the increased de minimis value can help your business fulfill both B2C and B2B orders for U.S. based customers:
1. Reduced Time Spent on Customs Duties
By allowing more goods at a higher dollar threshold to pass the border without the need to prepare documents, submit documents, or await clearance, your business will save money and valuable time.
2. Accelerated Shipments
By reducing the time to deal with customs requirements, your shipments will move faster, have decreased transit time and most importantly, take less time for your product to get to the market.
3. More Flexibility for E-Commerce Retailers
The increased de minimis value means that online retailers can get their products shipped faster and won’t have to pay high duties and taxes on their shipping, giving their customers instant savings once they check out.
4. Allows Small Businesses to Access Global Markets
This new threshold will lift the barriers small businesses faced when wanting to expand globally, including the elimination of excess administration time and access to lower costs from global supply chains.