Yesterday, the IRS announced that FBAR disclosures topped 1 million filings to a record of 1,163,229 FBARs, up more than 8 percent from the year prior. As awareness and compliance efforts increase, it is important that taxpayers in the US and overseas are aware of the FBAR filing requirements and the FinCen Form 114 (the âFBARâ form).
These rules of origin are referred to as. product specific rules of origin, and are based on 1) a change in HTS classification (aka, a âtariff. shiftâ), 2) a regional value content, or 3) both. Tariff shift rules may apply to chapters (2-digit.
In my article The Softwood Lumber Dispute we saw an example of a tariff placed on a foreign good. A tariff is simply a tax or duty placed on an imported good by a domestic government. Tariffs are usually levied as a percentage of the declared value of the good, similar to a sales tax. Unlike a sales tax, tariff rates are often different for every good and tariffs do not apply to domestically produced goods. The upcoming book Advanced International Trade: Theory and Evidence by Robert Feenstra gives three situations in which governments often impose tariffs: