On December 17, 2019, the Office of the United States Trade Representative (USTR) published a Federal Register notice granting more exclusions of products from the 25-percent duty imposed on the third tranche (List 3) of Section 301 tariffs on goods totaling approximately $200 billion. The published notices can be read here.
This is the sixth round of exclusions granted by USTR. The list of 44 newly-excluded product descriptions is set forth in the Annex to the respective Federal Register notice. These exclusions will retroactively apply to goods entered into the U.S. as of September 24, 2018, and will remain in effect through August 7, 2020.
The exclusions are available for any importer whose product meets the specified product description set forth in the Annexes to these notices, regardless of whether the importer filed any exclusion request or whether the exclusion request had been previously denied.
The USTR has indicated that it will continue to issue determinations on pending exclusion requests on a periodic basis.
The International Tax Team at Ryan & Wetmore is well-experienced with foreign tax credits. For questions or concerns regarding your international requirements, accounts, entities, income, and assets, click here to email our foreign tax team. Please be aware that tax issues are complicated and may vary based on the details of your situation. For this reason, an initial phone call is generally required to obtain the facts and address the questions.
Bethany Banks CPA, is a manager at Ryan & Wetmore and has been with the firm for over eight years. She has experience with offshore voluntary compliance and assisting taxpayers with foreign asset and entity reporting requirements.
Traci Getz CPA, is a partner with Ryan & Wetmore, P.C. Traci has over fifteen years of experience providing accounting, tax, and consulting services to small and medium-sized business owners. She works with clients to understand their accounting and tax issues while specializing in international tax, healthcare, and construction.
Our firm provides the information in this e-newsletter for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided “as is,” with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.