Importers receive limited relief
Certain U.S. businesses that are facing financial hardship due to the coronavirus outbreak will have an option to defer payment of duties, taxes and fees.
The U.S. Department of the Treasury announced the move on April 18.
“By postponing the deadline to deposit certain duties, taxes, and fees for 90 days, we are providing much-needed relief to affected businesses,” said Treasury Secretary Steven T. Mnuchin.
The new order does not remove special tariffs directed at imports on Chinese goods.
The National Retail Federation on Monday said it welcomed the limited duty deferral for importers, but it hoped for more relief in this area.
“We encourage the administration to broaden these deferrals for additional relief. Retailers don’t build stores, buy products and hire associates only to close their doors for weeks at a time,” said NRF President Matthew Shay in a prepared statement. “The challenges to the retail industry brought on by this pandemic are severely acute, at best. This deferral provides some retailers with additional liquidity and better cash flow, giving hope for business continuity and a faster recovery once the pandemic has passed.”
The U.S. Department of the Treasury announced the move on April 18.
“By postponing the deadline to deposit certain duties, taxes, and fees for 90 days, we are providing much-needed relief to affected businesses,” said Treasury Secretary Steven T. Mnuchin.
The new order does not remove special tariffs directed at imports on Chinese goods.
The National Retail Federation on Monday said it welcomed the limited duty deferral for importers, but it hoped for more relief in this area.
“We encourage the administration to broaden these deferrals for additional relief. Retailers don’t build stores, buy products and hire associates only to close their doors for weeks at a time,” said NRF President Matthew Shay in a prepared statement. “The challenges to the retail industry brought on by this pandemic are severely acute, at best. This deferral provides some retailers with additional liquidity and better cash flow, giving hope for business continuity and a faster recovery once the pandemic has passed.”