COVID-19 ~ 90 Day Postponement of Payment for CBP Duties
U.S. Customs and Border Protection (CBP) announced on April 19, 2020 the availability of postponing Customs Duties, Taxes and Fees for 90 days. In order to qualify, importers must be experiencing a significant financial hardship due to the Coronavirus (COVID-19). Customs defines financial hardship as:
“An importer will be considered to have a significant financial hardship if the operation of such importer is fully or partially suspended during March 2020 or April 2020 due to orders from a competent governmental authority limiting commerce, travel, or group meetings due to COVID-19, and as a result of such suspension, the gross receipts of such importer for March 13-31, 2020 or April 2020 are less than 60 percent of the gross receipts for the comparable period in 2019.”
However, relief does NOT apply to the following commodities:
- Antidumping/Countervailing Duties
- Steel and Aluminum imports subject to Section 232 Duties
- Solar Cells and Panels, Washing Machines and parts subject to Section 201 Duties and Quota.
- China tariffs and Exclusions subject to Section 301 Duties
The program applies to any duty payments due beginning April 20, 2020. Please contact your Speedmark representative to learn more about the program.