Prince Law Group News

The October 15, 2009 Federal Register contains a notice from CBP proposing to amend title 19 of the Code of Federal Regulations to preclude situations where imported merchandise subject to Federal excise tax is allowed into the United States, in effect, 99 percent free of that tax through application of a drawback claim. Specifically, the proposed amendments would preclude the filing of a substitution drawback claim for internal revenue excise tax paid on imported merchandise in situations where no excise tax was paid upon the substituted merchandise or where the substituted merchandise is the subject of a different claim for refund or drawback of tax under any provision of the Internal Revenue Code. This document also proposes to amend title 19 by adding a basic importation and entry bond condition to foster compliance with the amended drawback provision. CBP is accepting comments until November 16, 2009. 

This entry was posted on Thursday, October 15th, 2009 at 7:26 am and is filed under Events. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.