Importers to claim lower excise taxes for some wines

Changes being implemented were enacted through tax reform legislation signed late last year.

Importers to claim lower excise taxes for some wines

Changes being implemented were enacted through tax reform legislation signed late last year.

Importers to claim lower excise taxes for some wines

Changes being implemented were enacted through tax reform legislation signed late last year.

 
Importers now may claim a $1.07-per-gallon excise tax rate for wines of 14 percent to 16 percent alcohol by volume (ABV), which implements a tax reduction established by the Craft Beverage Modernization and Tax Reform Act (CBMA), CBP said in a Cargo Systems Messaging Service (CSMS) message on Monday.
    The excise tax rate for such wines had been $1.57 per gallon.
    The agency has updated the Harmonized Tariff Schedule record in the Automated Commercial Environment (ACE) to accommodate the new rate, CBP said.
    Importers generally shouldn’t use the CBMA entry summary line-level flag in ACE to identify entry lines to which the $1.07 rate applies because the rate doesn’t depend on a CBMA foreign producer assignment, the CSMS message says.
    But in situations in which importers are claiming benefits pursuant to a foreign producer assignment of CBMA tax credits, in addition to the $1.07 rate, importers should use the ACE entry summary flag only to identify a CBMA foreign producer assignment claim, CBP said.
   The CBMA rates are active throughout 2018 and 2019.
    Importers who paid the higher rate for previous 2018 entries on still wines of 14 percent to 16 percent ABV, certain effervescent low-ABV wine or on certain effervescent mead should seek refunds from Treasury’s Alcohol and Tobacco Tax and Trade Bureau, CBP said.
U.S. containerized imports continue to be robust with retailers and other businesses trying to beat potential tariff increases in March. The problem is that warehouses and storage facilities are running out of space.
THE Alliance - Far East Loop 5-FE5 has removed the vessels Athos, Express Berlin and Seaspan Hudson and replaced them with the ONE Grus, Madrid Express and YM Wisdom, with no significant changes to the capacity.
Most Popular
Latest News
Social Media

Loading...

Crowley adds 400 reefer containers

Crowley adds 400 reefer containers

Embed this story

Share Code Version 1

This version will embed the story headline and includes HTML fallback protection, ensuring the story will display even if some users decide to disable javascript in their browsers.

Code:

Copy & Paste the following code to embed this story on your website.

Preview

Importers to claim lower excise taxes for some wines

Changes being implemented were enacted through tax reform legislation signed late last year.

By Brian Bradley on Dec 4, 2018AmericanShipper.com

Share Code Version 2

This version will embed the story headline without any styling applied. Use this version if you will use your own custom styling on your website. This version also includes HTML fallback protection.

Code:

Copy & Paste the following code to embed this story on your website.

Preview

Importers to claim lower excise taxes for some wines

Changes being implemented were enacted through tax reform legislation signed late last year.

By Brian Bradley on Dec 4, 2018AmericanShipper.com