Importers of record in the US have been given an interest-free 90-day extension to deposit estimated duties, taxes, and fees for material entered this month and last, according to an announcement by the US Department of Commerce and Customs and Border Protection.
However, the extension will only be granted to those importers who demonstrate financial difficulties. Moreover, importers and producers paying antidumping and countervailing duties under Sec 232, Sec 201, and Sec 301 are not covered under these guidelines, Commerce noted.
The postponement was spurred by the COVID-19 crisis that has shut down much of the US and most of the world, and is intended to alleviate some of the pressure weighing down critical supply chains. In a statement, Treasury Secretary Steven T. Mnuchin said the deferment is intended to protect American jobs.