Deferment Of Duties And Fees For U.S. Businesses; The U.S. President, Donald J. Trump, signed an Executive Order to provide Coronavirus relief to certain businesses and importers in the United States. The Executive Order authorizes the Secretary of the Treasury to provide relief to various U.S. businesses, including critical supply chains for U.S. manufacturers, during the COVID-19 pandemic. As per the order, U.S. businesses will be offered to certain importers and businesses.
The Secretary at Treasury, Mr. Steven T. Mnuchin, shared his thoughts on providing coronavirus relief with deferment of duties and fees for U.S. businesses and said,
By postponing the deadline to deposit certain duties, taxes, and fees for 90 days, we are providing much-needed relief to affected businesses. This will protect American jobs and help these businesses get through this time.
Deferment of Duties and Fees for U.S. Businesses as Coronavirus Relief
Pursuant to this authority, a joint Temporary Interim Final Rule is issued by the Treasury Department and Customs and Border Protection to provide importers with the opportunity for a 90-day deferment period on the payment of duties, taxes, and fees. The option is provided to only those importers and businesses that have faced a significant financial hardship due to the coronavirus outbreak.
Moreover, the action of deferment of duties and fees for U.S. businesses does not change deadlines for tariffs and fees for goods subject to antidumping and countervailing duties (AD/CVD), and Section 201, 232, and 301 Trade Remedies. The payment flexibility will be available for importers who face any sort of financial crises due to coronavirus pandemic and it will only be applicable for goods entered in March or April 2020.
Throughout the COVID-19 pandemic in the United States, Treasury and CBP have been working closely with the trade community in order to facilitate businesses with various relief programs. Many of the growing concerns raised by importers and manufacturers are addressed in this deferment of duties and fees for U.S. businesses and importers. No doubt, it is an initiative by the U.S. government during COVID-19 pandemic to reduce the financial burden of stakeholders.
To get the additional details regarding deferment of duties and fees for U.S. businesses, stay connected with our News Section for forthcoming updates.