ABSTRACT

Temporary Deferment of Import Duty Payments [April 30, 2020]   [open pdf - 531KB]

From the Document: "On April 18, 2020, President Donald J. Trump issued Executive Order 13916 to provide the Secretary of the Treasury temporary emergency authority under Section 318(a) of the Tariff Act of 1930 (19 U.S.C. 1318(a), as amended) to extend deadlines for certain estimated payments of taxes, duties, and fees 'for importers suffering significant financial hardship because of COVID-19 [coronavirus disease 2019].' Section 318(a) allows the President to authorize the Secretary of the Treasury to extend payment deadlines during a period of national emergency proclaimed pursuant to the National Emergencies Act. Following the executive order, the Department of the Treasury and U.S. Customs and Border Protection (CBP) issued a temporary final rule immediately postponing the deadlines for importers to deposit certain estimated duties, taxes, and fees for 90 days. To qualify for the temporary postponement, an importer's operations must have (1) been fully or partially suspended during March or April 2020 due to orders from a competent governmental authority, and (2) generated gross receipts for March 13-31, 2020 or for April 2020 that were less than 60% of the gross receipts for the comparable period in 2019. [...] While the temporary final rule was immediately effective, Treasury and CBP have invited public comment on its provisions."

Report Number:
CRS Insight, IN11371
Author:
Publisher:
Date:
2020-04-30
Series:
Copyright:
Public Domain
Retrieved From:
Congressional Research Service: https://crsreports.congress.gov/
Format:
pdf
Media Type:
application/pdf
URL:
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