"all importers of record were entitled to benefit from the Supreme Court ruling that struck down sweeping double-digit import taxes President Donald Trump imposed last year under the 1977 International Emergency Economic Powers Act (IEEPA)."
"as of March 4, over 330,000 importers have made a total of over 53 million entries with CBP and paid about $166 billion in tariffs that now have to be refunded."
"This new process will require minimal submission from importers. It will also minimize errors by ensuring accurate refunds and interest payments through a consolidated system."
Following a court order to refund illegal tariffs imposed under the International Emergency Economic Powers Act, U.S. Customs and Border Protection is creating a new system to process refunds for hundreds of thousands of importers. As of March 4, over 330,000 importers made more than 53 million entries and paid approximately $166 billion in tariffs now deemed illegal. The current manual refund process would require over 4.4 million man hours and severely disrupt CBP operations. The new streamlined system, expected within 45 days, will require minimal documentation from importers and minimize errors while consolidating refunds and interest payments. The system requires court approval before implementation.
Read at Fortune
Unable to calculate read time
Collection
[
|
...
]