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OFAC

The Treasury Department’s Office of Foreign Assets Control administers and enforces U.S. economic and trade sanctions targeting countries, entities and individuals that pose national security or foreign policy concerns. OFAC regulations impose restrictions on transactions, blocked property and dealings with sanctioned parties and carry significant civil and criminal penalties. This section covers regulatory updates, enforcement actions and policy guidance affecting companies engaged in international trade and financial activity.

 

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India Lined Paper: Commerce Recognizes Navneet Name Change for CV Duties
October 1, 2014 by Brian Feito|AD/CV - Patent

Navneet Education Limited will inherit Navneet Publications (India) Limited’s 8.76% countervailing duty cash deposit rate on imports of lined paper products from India (C-533-844), said the Commerce Department in the final results of a changed circumstances review. As it had in the preliminary results of the review, Commerce found the company underwent a simple name change (see 14070215). Commerce already made the same finding for antidumping duty purposes (see 14062313). The new CV duty cash deposit rate takes effect Oct. 1.

Vietnam Frozen Fish Fillets: AD New Shipper Review Begins for BASACO
October 1, 2014 by Brian Feito|AD/CV - Patent

The Commerce Department is beginning an antidumping duty new shipper review on frozen fish fillets from Vietnam (A-552-801) at the request of BASA Joint Stock Company (BASACO), for merchandise both produced and exported by the company. Commerce will determine if BASACO is independent from state control, and therefore eligible for an estimated AD cash deposit rate other than the $2.11/kg Vietnam-wide rate it currently receives.

Ireland’s tax breaks for Apple could be illegal...
October 1, 2014 |Miscellaneous

Ireland’s tax breaks for Apple could be illegal state aid, said the European Commission in a report released Tuesday (http://bit.ly/1nFn0DF). The findings are preliminary, but could result in Ireland being forced to collect back taxes from Apple. The EC is looking into tax breaks given to Apple between 1991 and 2007, said the report. Apple in a statement said it had “received no selective treatment from Irish officials over the years” and has been “subject to the same tax laws as the countless other companies who do business in Ireland."

China GOES: CV Rates Rise in Final Determination
September 30, 2014 by Brian Feito|AD/CV - Patent

The Commerce Department issued its final affirmative countervailing duty determination on grain-oriented electrical steel from China (C-570-995). Although this final determination takes effect Oct. 1, suspension of liquidation is currently not in effect for entries on or after July 9, and Commerce will only require cash deposits of estimated CV duties on future entries if it issues a CV duty order.