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The federal government’s tariff refund process is exceeding many industry observers’ early expectations, even as CFOs confront tricky questions around payments now flowing through the system.
Early fears that U.S. Customs and Border Protection’s tariff refund portal would buckle under volume or become bogged down in documentation requirements have largely not materialized, accounting, tax and customs advisers told CFO Dive.
Instead, attention is shifting from early operational concerns to questions about how companies will account for and manage payments. This comes as the government says it has already processed billions of dollars in claims.
“Companies are now seeing refund requests progress from submission to acceptance and, in many cases, into Treasury for payment processing,” said Lynlee Brown, a partner in the global trade practice at Ernst & Young.
