[Federal Register Volume 60, Number 241 (Friday, December 15, 1995)]
[Notices]
[Page 64470]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-30516]
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DEPARTMENT OF THE TREASURY
Customs Service
Notice of Revised Time Frames Regarding Test of Reconciliation
for Adjustments Made to the Price of Imported Merchandise by Related
Party Companies Under 26 U.S.C. 482
AGENCY: U.S. Customs Service, Department of the Treasury.
ACTION: Notice of revised time frames for test.
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SUMMARY: This document announces Customs decision to revise the time
frames regarding the test Customs plans to conduct involving the use of
reconciliation for those related party importers which have reason to
believe upward adjustments may be made to the price of imported
merchandise for tax purposes pursuant to 26 U.S.C. 482. In a prior
Federal Register notice (60 FR 46141), Customs set out the eligibility
requirements for voluntary participation in the test and described the
basis on which Customs will select participants. This notice revises
the time frames for both applicants to volunteer and for the
commencement and conclusion of the planned test.
DATES: Applications to participate in this reconciliation test must be
filed with and approved by Customs on or before May 1, 1996. The test
will commence no earlier than May 1, 1996, and will cover entry
summaries filed by selected participants from May 1, 1996, to December
31, 1996, or the end of the participant's tax year, whichever comes
first. Participants must file the reconciliation summary, which
provides the outstanding value information, within 15 months of the
filing of the first affected entry summary or by July 31, 1997,
whichever comes first.
ADDRESSES: To be considered for voluntary participation in this test,
applications should be submitted to Mr. William F. Inch, Director,
Office of Regulatory Audit, Office of Strategic Trade, U.S. Customs
Service, 1301 Constitution Avenue, N.W., Room 2311, Washington, D.C.
20229-0001. Once the test is underway, reconciliation summaries shall
be filed to the attention of Mr. Matthew Krimski, Office of Regulatory
Audit, Office of Strategic Trade, U.S. Customs Service, 1301
Constitution Avenue, N.W., Washington, D.C. 20229.
FOR FURTHER INFORMATION CONTACT: Matthew Krimski, (202) 927-0411.
SUPPLEMENTARY INFORMATION:
Background
On September 5, 1995, Customs published a document in the Federal
Register (60 FR 46141) announcing plans to conduct a test regarding the
use of reconciliation for those related party importers which have
reason to believe upward adjustments may be made to the price of
imported merchandise for tax purposes pursuant to 26 U.S.C. 482. The
document described the objectives of the test, the application process
to participate, the eligibility criteria, selectivity criteria and test
evaluation criteria. The document invited public participation in the
test and set forth a deadline for applications at no later than October
1, 1995. The planned commencement of the test was October 1, 1995.
Customs is now revising certain elements of the September 5,
document. Customs now plans to begin the test no earlier than May 1,
1996, and the test will cover entry summaries filed by the selected
participants from May 1, 1996, to December 31, 1996, or the end of the
participant's tax year, whichever comes first.
Participants must file the reconciliation summary, which provides
the outstanding value information, within 15 months of the filing of
the first affected entry summary or by July 31, 1997, whichever comes
first. Further, by applying, applicants agree that the value for
merchandise covered by all entry summaries filed by them or on their
behalf on or after May 1, 1996, until the end of the tax year or
December 31, 1996, whichever comes first, shall be finally determined
by the liquidation of the reconciliation filed in accordance with the
test.
The time frame for Customs acceptance and approval of applications
to participate in the test has been revised to May 1, 1996.
Applications shall be addressed to Mr. William F. Inch as indicated
above in this document.
To be eligible to participate in the test, a participant's tax year
must end between May 1, 1996 and December 31, 1996.
For purposes of the reconciliation test, reconciliation summaries
shall be filed to the attention of Matthew Krimski, Office of
Regulatory Audit, Office of Strategic Trade, U.S. Customs Service, 1301
Constitution Avenue, N.W., Washington, D.C. 20229.
Aside from the revised information set forth in this document, all
other information regarding the reconciliation test set forth in the
Federal Register document of September 5, 1995, is still applicable.
Dated: December 6, 1995.
Karen J. Hiatt,
Acting Assistant Commissioner, Office of Strategic Trade.
[FR Doc. 95-30516 Filed 12-14-95; 8:45 am]
BILLING CODE 4820-02-P
