DALLAS, Oct. 17, 2016 /PRNewswire/ -- The Miscellaneous Tariff Bill (MTB), federal legislation that results in duty suspension or reduction for U.S. importers, is back on the radar of U.S. importers with a new twist. The U.S. International Trade Commission (USITC) solicits petitions for duty suspension or reduction from the private sector beginning October 14, 2016. The petition period is 60 days, which means the deadline to submit a petition for duty suspension or reduction is December 12, 2016. There is no opportunity to petition the federal government after the deadline. Petitions are open to public comment and other federal agency review.
The USITC will review petitions and comments in 2017 and is expected to publish a report to Congress in mid-2017. The USITC report will recommend inclusion or exclusion of each petition in a Miscellaneous Tariff Bill. Congress will then have 90 days to review, consider, and pass the MTB. The MTB will eliminate or reduce duty on select imported products for three years.
According to Pete Mento, Principal in Ryan's Customs and Foreign Trade practice, "the MTB benefits U.S. importers by temporarily suspending or reducing duties on imported intermediate goods used in production in the United States or finished goods that have limited domestic availability. The MTB is an effective trade policy tool that limits production costs for American businesses and results in real savings for American consumers."
Ryan is an award-winning global tax services firm, with the largest indirect and property tax practices in North America and the seventh largest corporate tax practice in the United States. With global headquarters in Dallas, Texas, the Firm provides a comprehensive range of state, local, federal, and international tax advisory and consulting services on a multi-jurisdictional basis, including audit defense, tax recovery, credits and incentives, tax process improvement and automation, tax appeals, tax compliance, and strategic planning. Ryan is a five-time recipient of the International Service Excellence Award from the Customer Service Institute of America (CSIA) for its commitment to world-class client service. Empowered by the dynamic myRyan work environment, which is widely recognized as the most innovative in the tax services industry, Ryan's multi-disciplinary team of more than 2,100 professionals and associates serves over 12,000 clients in more than 40 countries, including many of the world's most prominent Global 5000 companies. More information about Ryan can be found at ryan.com.
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Ray E. Shaw
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