CBP released its proposed rulemaking for updated drawback regulations under the Trade Facilitation and Trade Enforcement Act. The long-awaited rulemaking had been held up for months while the Treasury Department and Office of Management and Budget reviewed its provisions.
Drawback
A duty drawback is a refund by CBP of the duties, taxes, or fees paid on imported goods, which were imposed upon importation as prescribed in 19 U.S.C. 1313(d). More broadly, a drawback also includes the refund or remission of other excise taxes pursuant to other provisions of law.
CBP issued the following releases on commercial trade and related matters:
The House Ways and Means chairman and the chairman of the Subcommittee on Trade have told CBP that it's unacceptable that the agency hasn't publish final rules for the Trade Facilitation and Trade Enforcement Act (TFTEA), since that legislation required the regulations be promulgated by Feb. 24 this year. "We are adamant that [you] finalize and publish the TFTEA regulations without further delay," Chairman Kevin Brady and subcommittee Chairman Dave Reichert wrote July 19. "We are particularly concerned that non-compliance has greatly complicated drawback claims, particularly given CBP’s refusal to grant accelerated payment until the regulatory package is final."
CBP issued the following release on commercial trade and related matters:
CBP issued the following releases on commercial trade and related matters:
Correction: Section 301 duties on products from China that are set to begin July 6 will be eligible for drawback (see 1807030033), CBP said in a CSMS message.
CBP issued the following release on commercial trade and related matters:
International Trade Today is providing readers with some of the top stories for June 25-29 in case they were missed.
Drawback will be available on entries subject to 25 percent Section 301 tariffs set to take effect July 6 on products from China, CBP said in updated guidance on the new tariffs. CBP also said that, when submitting an entry in which a heading or subheading in Chapter 98 is claimed on merchandise covered by the Section 301 tariffs, filers must first report subheading 9903.88.01 (the Chapter 99 subheading for the duties), followed by the applicable Chapter 98 subheading and the normal Chapter 1-97 classification. USTR released its final list of tariff subheadings covered by the tariffs on June 15 (see 1806150003).
Correction: Section 301 duties on products from China that are set to begin July 6 will be eligible for drawback, CBP said in a CSMS message.