Cigar News: Excise Tax Payment Delay for many Qualifying Cigar Companies and Businesses in Financial Hardship

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Hello Tuesday,

In this time of uncertainty and financial strain on so many companies and businesses, many of us, especially, small business owners are looking for some federal backing and support to withstand the economic impact of COVID-19.

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Photo by Pixabay on Pexels.com

Therefore, I wanted to share with you that the National Emergencies Act that was established on March 13, 2020, per the President’s Executive Order businesses will be entitled to postpone the time to deposit certain estimated duties, taxes, and fees that are authorized by the Secretary of the Treasury under section 318(a) of the Tariff Act of 1930, issued on April 18, 2020, the Secretary of the Treasury, in consultation with the designee of the Secretary of Homeland Security (U.S. Customs and Border Protection (CBP)), is amending the CBP regulations to temporarily postpone the deadline for importers of record with a significant financial hardship to deposit certain estimated duties, taxes, and fees that they would ordinarily be obligated to pay as of the date of entry, or withdrawal from warehouse, for consumption, for merchandise entered in March or April 2020, for a period of 90 days from the date that the deposit would otherwise have been due but for this emergency action.

This temporary postponement does not permit the return of any deposits of estimated duties, taxes, and/or fees that have been paid. This temporary postponement also does
not apply to entries, or withdrawals from the warehouse, subject to certain specified trade remedies, and any entry summary that includes merchandise subject to those trade remedies is not eligible under this rule.

Please review the full: Temporary Postponement of the Time to Deposit Certain Estimated Duties, Taxes, and Fees During the National Emergency Concerning the Novel Coronavirus Disease (COVID19) Outbreak. 

 

Keep it Smokey, My Friends!

 


Welcome!!! I always wanted to have a platform to share some of my creativity. I hope you will continue to visit Red Lips and Cigar Sticks®, the Magazine Blog, to learn more about the Cigar Lifestyle, Beauty & Fashion!

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Peace and Love! Ni

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Author: Naimah “Ni” Pears 

Red Lips and Cigar Sticks® is a digital media platform that showcases the Cigar Lifestyle, Beauty & Fashion through blogging. Also, we’re an e-Commerce Business with an online store. We sell Cigar Apparel for men/women and we have affordable Everyday Fashion Items for Ladies.


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