Tariff refund system in the US to be launched in 45 days
Customs and Border Control Service U.S. Customs and Border Protection said that the updated system refund of tariff payments for importers and exporters should be ready within 45 days, reports Reuters.
This system will allow businesses to receive refunds for overpaid duties more quickly, which should reduce the financial burden on companies trading with the US.
What does the new system provide for
According to representatives of the service, the new system will be in place:
faster - application processing time will be significantly reduced;
more efficient - automated processes will reduce the number of errors;
more accessible - businesses will be able to submit documents online more easily.
This is expected to have a positive impact on trade activity and reduce delays in customs clearance.
Business response
Representatives of trade associations noted that prolonged tariff refunds have previously created the monetary burden for small and medium-sized businesses, especially for those importing goods into the US.
According to them, the new system can improve cash turnover of enterprises and promote trade growth.
Next steps
The US Customs Service plans to complete testing of the new system and launch it in full in 45 days, After that, companies will be able to apply for duty refunds faster and easier.
Ukrainian
English
