| Title: | RECONCILIATION: MIDPOINT INT. |
|---|---|
| Date: | 1999-06-10 |
| To: | abi |
| Links: | previous, next |
TO : ALL ABI BROKERS.
FROM : DON LUTHER
SUBJECT : RECONCILIATION: MIDPOINT INT.
DATE : 06/09/1999
THE LEGISLATIVE PACKAGE CONTAINING THE AUTHORITY FOR CUSTOMS TO
ALLOW MIDPOINT INTEREST CALCULATION ON AGGREGATE RECONCILIATIONS
HAS PASSED IN BOTH THE HOUSE AND SENATE.
ONCE THE PRESIDENT SIGNS THE BILL, WHICH IS ANTICIPATED TO BE
WITHIN THE NEXT FEW WEEKS, CUSTOMS WILL PUBLISH A NOTICE IN THE
FEDERAL REGISTER. THE NOTICE WILL SERVE TO ANNOUNCE THE USE OF
MIDPOINT INTEREST FOR AGGREGATE RECONCILIATIONS, AND TO ALLOW THE
AGGREGATE RECONCILIATION METHODOLOGY TO BE USED TO REPORT
DOWNWARD ADJUSTMENTS TO DUTIES, TAXES AND FEES, PROVIDED ANY
REFUND IS WAIVED.
THESE TWO ITEMS REPRESENT MAJOR IMPROVEMENTS TO THE
RECONCILIATION PROTOTYPE IN TERMS OF FLEXIBILITY AND MEETING THE
NEEDS OF CUSTOMS AND THE TRADE COMMUNITY.
FOR MORE INFORMATION ON THE ACS RECONCILIATION PROTOTYPE, VISIT
THE WEB SITE AT:
WWW.CUSTOMS.GOV/RECON
OR CONTACT DON LUTHER (202) 927-0915
SHARI MCCANN (202) 927-1106