Absent the grant of an extension by the port director for reasonable cause, when must the operator of a Foreign Trade Zone or Subzone prepare their annual reconciliation report?
How to get there
19 CFR 146.25(a): ReportThe operator shall prepare a reconciliation report within 90 days after the end of the zone/subzone year unless the port director authorizes an extension for reasonable cause. The operator shall retain that annual reconciliation report for a spot check or audit by Customs, and need not furnish it to Customs unless requested.
The answer is C, 90 days.
Why the other choices are wrong
A) 30, B) 45 and D) 120 days: none of them is the § 146.25(a) period.
Trap!
Two deadlines are chained here. The report is due within 90 days after the zone year and is kept on file, not sent to CBP. Then the operator's certification letter goes to the port director within 10 working days after the report (§ 146.25(c)).
Source: 19 CFR 146.25(a), (c) (eCFR).
CBP answer key: Answer C · 19 CFR 146.25(a)Source: CBP past exams ↗