CBP Issues Guidance On Alcohol Excise Tax Provisions

Author:Mr Marc Sorini
Profession:McDermott Will & Emery
 
FREE EXCERPT

Recently, Customs & Border Protection (CBP) issued Guidance on the alcohol excise tax provisions contained in the Tax Cuts & Jobs Act (Tax Act). Key points

Importers must continue to pay the full excise tax rate (not the rates reduced by the Tax Act's lower rates or credits) upon importation. CBP and TTB are working on regulations to allow CBP to issue refunds retroactively. In anticipation of the new regulations, CBP advises importers to file protests on liquidated entries where a reduced rate or credit may apply. CBP will not process refund requests any earlier than January 15, 2019. The...

To continue reading

FREE SIGN UP