Customs Corner
Periodic Monthly Statement simplifies processing duties and fees for importers and brokers. This feature streamlines accounting and report processing while providing the ability to make periodic payments on an interest-free monthly basis. PMS account holders can pay for shipments entered or released during the previous calendar month by the 15th business day of the following month. CBP collects more than 85 percent of all duties and fees on eligible entry summaries via Periodic Monthly Statements, representing more than $5 billion dollars per month.
The Preliminary and Final dates for Periodic Monthly Statement for 2023 are as follows:
A Periodic Daily Statement (PDS) is generated each day for customs declarations released within the previous eight days. Geodis will authorize each statement daily. On the 11th working day of the following month, the Preliminary Periodic Monthly Statement (PMS) is generated. The PMS itemizes the statement numbers and amounts scheduled for payment that were generated via PDS.
On the 15th working day of the month, CBP initiates collection. The funds are transferred via automatic debit from the designated bank account to CBP. A separate debit will occur for each Periodic Daily Statement indicated on the PMS.
CBP will issue a Final Periodic Monthly Statement confirming the statement numbers and amounts paid on the 15th working day of the month. The Final Periodic Monthly Statement should match what is on the Preliminary Periodic Monthly Statement.
For information on how to participate in Periodic Monthly Statement, please get in touch with your local Geodis office.
Should you have additional questions on any of the above-covered topics or any other trade-related questions, please feel free to contact the Customs Brokerage Product Team at custominfo.ff.us@geodis.com; or the Trade Services team at tradeservices.ff.us@geodis.com.
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