In light of the COVID-19 outbreak, U.S. Customs and Border Protection (CBP) announced on Friday, March 20, that it will approve on a case by case basis requests to extend payment of customs duties, taxes and fees. CBP is expected to provide further information on its approach at a later date. In the meantime, parties interested in applying for an extension of time may seek specific duty deferral. COVID-19 has disrupted the supply and distribution chains, has caused massive closures across many industries, and importers are certainly financially and operationally impacted. Extension of duty payments may be necessary for importers to continue to operate and support its customers and our communities, while maintaining cash flow. Obtaining duty deferral, and steps necessary to coordinate the extension, may alleviate financial burdens during this difficult time.
For companies with debit authorizations, CBP has also announced that March 20, 2020, debit authorization for the Periodic Monthly Statements and the daily statements have been forwarded to the Department of Treasury. Those seeking to prevent these funds from being withdrawn are advised to contact their financial institution.