In the June 15, 2016, Federal Register, AMS amended the Cotton Board Rules and Regulations to remove the cotton import de minimis provision. The provision exempted U.S. cotton producers and importers of cotton and cotton-containing products from paying an import assessment if a line item on the U.S. Customs and Border Protection ("CBP") documentation was $2.00 or less. As a result of technological developments in the CBP documentation, transaction costs associated with collecting import assessments no longer exceed $2.00, and hence the provision is no longer necessary. The rule is effective July 15, 2016.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
