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The Craft Beverage Modernization Act (CBMA) of the Internal Revenue Code (IRC) provide for reduced rates or tax credits for certain quantities of beer, wine and distilled spirits produced in or imported into the U.S. Recent changes have transferred the responsibility for administering the CBMA tax benefits from U.S. Customs to the Alcohol, Tobacco Tax & Trade Bureau (TTB) The changes begin with products entered for consumption in the U.S. on or after January 1, 2023.
Accordingly, TTB is publishing a temporary rule implementing these provisions and providing procedures for foreign producers and importers. TTB is also publishing a notice of proposed rule making to obtain comments on the provisions in the temporary rule. Comments are due by November 22, 2022.
On April 19, 2023, the Bureau of Industry and Security (BIS) issued the largest standalone administrative penalty in its history. The US Company and its Singaporean affiliate were imposed a $300 million civil penalty to resolve alleged violations of U.S. Export Controls related to selling hard disk drives to Huawei Technologies Co. Ltd. The US Company continued to do business with Huawei despite being aware of the August 2020 controls that BIS imposed on Huawei. This is another reminder of the importance of entity screening and the need to discontinue relations with sanctioned entities. To read more details, check out the BIS press release in the link below.
Laurie Arnold, JAS Vice President of Compliance and the NCBFAA Treasurer, spoke on the panel "Past, Present, & Future" at the National Customs Brokers and Forwarders Association's (NCBFAA) 50th annual conference in New Orleans. Pulling out her "crystal ball," Laurie speculated on what the future work environment might look like considering the ongoing development of Artificial Intelligence and chat apps. The panel also discussed the environmental benefits of remote work and the potential danger of cyberattacks on business, power grids and the water supply.
As a reminder, per 15 CFR 30.60, the Electronic Export Information (EEI) collected by the Census Bureau is confidential and it "shall not be disclosed to anyone by any officer, employee, contractor, agent of the federal government or other parties with access to the EEI other than to the USPPI or the authorized agent of the USPPI."
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