Finance has provided details on how Canadian businesses can request remission of surtaxes on these goods, which will only apply in very limited circumstances and for a specific transition period. This relief, which may also apply for the refund of such surtaxes already paid, is intended to allow businesses time to adjust their supply chains. As part of its announcement on October 18, 2024, Finance also stated that this new relief may also extend to other potential surtaxes on batteries, semiconductors, solar panels, among other imported goods from China, under section 53 of the Customs Tariff.
Affected Canadian importers should act quickly to review their operations and determine if they may qualify for relief under this new tariff remission process. Finance advises that it will process remission requests received before November 8, 2024 on a priority basis.
Download this edition of the TaxNewsFlash to learn more.
