What is the law of export and import?

The law of export and import dictates the regulations for conducting business across international borders. In Kansas, the main governing body is the U.S. Department of Commerce, Bureau of Industry and Security (BIS). The BIS regulates and monitors the exporting of goods, services, and technology from the United States. Export license applications must be submitted and approved before goods may be exported. Importing into Kansas is regulated by the U.S. Customs and Border Protection (CBP). The CBP enforces laws that protect the health, safety, and economy of the citizens of Kansas by ensuring that only legitimate goods enter the state. It also collects revenue from the duties and taxes on the goods entering the state. The U.S. International Trade Commission (ITC) also plays an important role in the import and export process. The ITC gathers information on the effects of international trade on domestic industries and creates trade policies to protect them. Businesses in Kansas should familiarize themselves with both the export and import regulations of the federal government. They should also stay up-to-date on any changes in the law. Failure to comply with the law of export and import may result in significant fees and penalties.

Related FAQs

What are the legal restrictions on insider trading?
What is the process for forming a corporation?
What are the major types of business liabilities?
What is the purpose of antitrust legislation?
What is the purpose of a contract?
What are the legal requirements for a merger or acquisition?
What is the difference between a copyright and a trademark?
What is the purpose of contract law?
What is the importance of corporate social responsibility?
What is the law of consumer protection?

What is the law of export and import?

Related FAQs

Related Blog Posts