A dereliction of duty over $600M in unpaid duties?
Jun 01, 2008 | 09:04 AM
WASHINGTON Where have all the duties gone? And what to do about it?
Some foreign companies have been skipping out on their dumping duty bills, and the federal government thinks it's high time they paid up.
A new report by the Government Accountability Office (GAO) found "substantial shortfalls" in duty collections, and it could lead to changes in how the U.S. collects duties.
In all, $600 million in anti-dumping and countervailing duties dating back to 2001 remain uncollected, the GAO said. But the problem isn't widespread. Instead, it is concentrated among a few products (four products account for about 84 percent of the total amount of uncollected duties) and importers (a relatively small number of importers owe the vast majority of the uncollected duties). Half of the 23,000 unpaid duty bills are less than $309, but the average duty bill is more than $26,000 due to a relatively small number of very large bills.
The problem isn't really a metals-related one. The agriculture and aquaculture industries account for 87 percent of the total, while the steel industry accounts for just 7 percent.....
To access AMM's full content, please log in below. If you do not have an AMM account, we invite you to take a free trial or subscribe below.
Already a registered amm.com user?
Access to amm.com editorial content is granted only to paid subscribers and trialists. If you do not have an active account in your own name, please either subscribe or take a trial and you will have instant access to amm.com content. Sharing your login credentials with individuals who are not subscribers represents a violation of AMM copyright.
Every morning, every minute no matter how often you follow the markets, there's an AMM subscription to fit your needs.
Not sure if you are ready to invest in a subscription right now? Take a free, no-obligation trial. Start your free trial today.