Customs and Border Protection has extended until April 23 the deadline for public comments on a proposed change in rules interpretation that would ban the “first sale” method of valuation. Comments originally were due March 24. Two weeks ago Customs announced it would reinterpret the phrase “sold for exportation to the United States.” Regulations had allowed importers to use the sale price of foreign-made goods to a foreign intermediary before they were bought and exported to the U.S. The reinterpretation would make the sale price the importer pays for goods landing in the U.S. as the basis for valuation. Customs argues that the change brings the U.S. into line with a recommendation of a World Trade Organization technical committee.
The announcement touched off a storm of protest from the industry, and traders requested the extension of the comment period. Go to the Federal Register Watch for a link to the full text of the announcement.
Journal of Commerce
