www.bizpacreview.com President Donald Trump’s administration will begin repaying businesses that file for tariff refunds starting on Monday.
In February, the Supreme Court ruled that the administration did not have the authority to impose tariffs utilizing the International Emergency Economic Powers Act (IEEPA), resulting in lower courts demanding that the federal government reimburse companies that paid. Now, Customs and Border Patrol (CBP) will be launching “the first phase of a new claims system that will allow importers to seek repayment of tariffs collected” under the IEEPA, according to Fox Business.
“The scale of the refunds could be significant for businesses across industries. Court filings show more than 330,000 importers paid duties on over 53 million shipments, totaling roughly $166 billion,” the outlet reported. “Starting Monday, companies and their customs brokers can submit refund requests through CBP’s Automated Commercial Environment (ACE) portal using a newly developed tool known as the Consolidated Administration and Processing of Entries, or CAPE.”
Following the validation of a claim, CBP will “recalculate the duties without the IEEPA tariffs and reliquidate the entries, triggering repayment,” which should take between 60 and 90 days to receive. They are warning, however, that the more complex cases could take a little bit longer to process, and the scale of the repayment program is so massive that it may cause delays.
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