Home / Knowledge / News / Fashion / CBP announces First Sale Rule comment period extension
CBP announces First Sale Rule comment period extension
08
Feb '08
Today, the U.S. Customs and Border Protection (Customs) published in the Federal Register a 30-day extension, to April 23, 2008, of the public comment period regarding the proposal to eliminate the 'First Sale Rule', which is a popular, cost-saving import valuation methodology.

Customs first announced its controversial plan to revoke the First Sale Rule on January 28. Since then, a diverse coalition of industry associations and businesses has been forged for cooperation and collaboration to save the First Sale Rule.

“At a time when intense concern over the economy is generating pressure on all levels, from manufacturing to the consumer, I am hard-pressed to understand why the government would impose a tax where one didn't already exist,” said Peter J. Gabbe, Chief Operating Officer at Carole Hochman Design Group and Chairman of the Board of Directors for the American Apparel & Footwear Association (AAFA).

“The proposed repeal of the First Sale Rule has broad economic implications and unintended consequences. From auto and airplane manufacturers to hardworking American families, the harmful ramifications will potentially ripple through the entire economy.”

The current First Sale Rule allows a company to base the value of an imported finished-good, for purposes of determining the duty rate, on the cost of the product at the first sale in the supply chain, rather than the value at the point of importation.

This lawful, common method of valuation is utilized by businesses across the spectrum, and could potentially cost industries, and their customers, millions of dollars. This increased cost of doing business would likely be passed on to consumers with inflationary retail costs.

“While the 30-day extension allows additional time for interested parties to calculate the true cost of such a broad proposal,” continued Gabbe.

“It is already clear that the cost to consumers at the cash register would under-cut any potential economic stimulus plan coming out of Congress.”

American Apparel & Footwear Association


Must ReadView All

Japan’s JICA promoting energy-saving devices in Bangladesh

Apparel/Garments | On 21st Feb 2018

Japan’s JICA promoting energy-saving devices in Bangladesh

The Japan International Cooperation Agency (JICA) is promoting use of ...

China’s JD.com announces financing pacts for JD Logistics

Textiles | On 21st Feb 2018

China’s JD.com announces financing pacts for JD Logistics

China’s largest retailer JD.com Inc recently announced it has entered ...

Courtesy: Indorama Ventures

Textiles | On 21st Feb 2018

IVL 2017 revenue up 17% y-o-y to $8,438 million

Indorama Ventures Public Company Limited (IVL) has reported revenue...

Interviews View All

Top executives
Textile & apparel bodies

The mid-term review of FTP is progressive, growth oriented

Yash Agarwal
Hitansh Online

Every market region has its own culture and trends

Nitin Soni
Dolphin Jingwei Machines

Taxation policies need to be made simpler

Harsh Shah

Fynd is the central online shopping destination for fashion, offering...

Suresh P Bagrecha

Komal Texfab, founded in 1981, is into manufacturing of knitted fabrics,...

Tejas N Patel, Navin D Patel

Founded in 1999 by Navin Patel in the name of Tejas Fabrics with 100...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Anisha Chaudhari
Threads & Shirts

Threads & Shirts is a freshly-tailored concept providing men/women a...

Akta Adani
India Boulevard

India Boulevard is a San Francisco-based curated fashion marketplace that...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

February 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
70.6%
No
12.7%
Skip
16.7%

Total Votes: 102

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
63.7%
No
29.4%
Skip
6.9%

Total Votes: 102

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
88.2%
No
8.8%
Skip
2.9%

Total Votes: 102

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
83.3%
No
7.8%
Skip
8.8%

Total Votes: 102


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search