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093849 1 (1973-04-19)

handle is hein.gao/gaobacxha0001 and id is 1 raw text is: UNITED STATES GENERAL ACCOUNTING OFFICE WASHINGTON, D.C. 20548 GENERAL GOVERNMENT DIVISION APR 1,9 1973 The Honorable Vernon D. Acree Commissioner, Bureau of Customs Dear Mr. Acree: In a report dated January 18, 1973, to the Committee on Finance, United States Senate, and the Committee on Ways and Means, House of 41cEO C Representatives, a copy of which was sent to you, we recommended several changes in the Tariff Act pertaining to imported lead and zinc in bonded warehouses. We also have a recommendation relating to administrative matters which could be corrected by the Bureau and were therefore not included in the report to the legislative committees. LACK OF ADEQUATE CONTROLS OVER REPORTING OF INVENTORIES AND BOND CHARGES The Tariff Act of 1930 permits deferring payment of duties on metal- bearing materials until the metal enters domestic commerce, or until 3 years elapse, whichever happens first. Duties are charged against the companies' bonds guaranteeing payment. If metals are exported, charges are canceled. Bond charges may be established at any bonded warehouse of a multiplant company, and the records of these bond charges are maintained by the Bureau at the bonded warehouses. In come cases, records of bond charges for one multiplant company may be on file at warehouses in two or more Customs disr tricts. For example, the records of bond charges for one company included in our review were maintained at warehouses in eight Bureau of Customs districts. The multiplant smelting and refining companies are required to file monthly statements of the inventories of metals subject to duty on hand at each plant and of the total bond charges for the company. When the bond charges exceed the company's inventory, the company determines those bond charges which are to be canceled by payment of duty. The monthly statement is filed with the Bureau of Customs headquarters and with the applicable district office. However, because companies report bond charges in total only, there is no way each district office can determine

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