On February 2, 2004, the World Shipping Council (WSC), the National Industrial Transportation League (NITL), the National Customs Brokers and Forwarders Association of America, Inc. (NCBFAA), and the Retail Industry Leaders Association (RILA) filed a petition with U.S. Customs and Border Protection (CBP) requesting reconsideration of certain aspects of CBP's December 5, 2003 final rule on the advance electronic presentation of cargo information that pertain to inbound ocean cargo.
U.S. Customs and Border Protection (CBP) states that until further notice, filers are to use the code "YU" for the country of "Serbia and Montenegro," as ACS cannot yet accept the correct ISO code of "CS" for this country. CBP states that it currently maintains a number of unliquidated import entries from the former Czechoslovakia, that have a then-correct ISO code of "CS".
In George E. Warren Corporation v. U.S., the Court of Appeals for the Federal Circuit (CAFC) upheld an earlier Court of International Trade (CIT) ruling that denied the plaintiff's claim for drawback on Harbor Maintenance Taxes (HMTs) and Environmental Taxes (ETs).
As state lawmakers get down to the serious business of the 2004 sessions, a number of proposed measures have cleared important hurdles on the road to final passage. Bills seeing recent action would reform PSC procedures, wireless E-911 funding, spam, telemarketing, service quality and Internet porn.
U.S. Customs and Border Protection (CBP) has issued a 12-page memorandum containing its instructions on the filing and substantiation of claims for preferential tariff treatment made under the U.S.-Chile Free Trade Agreement (UCFTA).
Despite the FBI’s request for delay because of CALEA concerns, the FCC may go ahead and release a VoIP notice of proposed rulemaking (NPRM) at its Feb. 12 agenda meeting, although it may back off acting on related petitions, sources said Wed. The FCC will release the meeting agenda late today (Thurs.). The FBI, Dept. of Justice and Drug Enforcement Administration have asked the FCC to deal with concerns about CALEA compliance before acting on the VoIP rulemaking or petitions (CD Feb. 2 p1). Law enforcement agencies are concerned about the technical and regulatory problems of imposing CALEA wiretap requirements on broadband services such as VoIP.
and Establishment of ACE Broker Accounts
Take-Two Interactive reduced sales and income estimates for its first quarter and revised estimates for its 2nd quarter and fiscal year ending Oct. 31. The company said it now expected to report sales of $385 million and 70? in diluted income per share in the first quarter, down from $412 million in sales and $1.10 diluted income per share expected earlier. Although Take-Two said it now expected slightly higher sales in the 2nd quarter and the full fiscal year, it lowered its profit forecasts for both periods. For the 2nd quarter, it said it now expected $220 million in sales and 39? diluted income per share vs. the prior estimate of $218 million and 41? diluted income per share. For the year, Take-Two said it now expected $1.22 billion in sales and $2.45 in diluted income per share rather than the $1.18 billion and $2.60 previously estimated. Take-Two also said that, “as previously announced, [it] is revising its revenue recognition policies by adopting a new methodology for recording reserves for price concessions.” It said the revision in revenue recognition policies would “result in a restatement of previously issued financial statements, generally reflecting an earlier recognition of reserves for price concessions, [and] the restatement will affect changes in reported revenue and earnings, and related balance sheet amounts, on both a current and historical basis.” It said “the restatement will affect [its] financial results” as far back as the fiscal year ended Oct. 31, 1999, and it was “also conducting a further review of certain transactions involving sales of products to retailers in fiscal 2000 and the first 3 quarters of fiscal 2001.” Take-Two warned that “if the review of these additional transactions requires restatement, it will result in a shift in the timing of the recognition of revenue and product costs, with a corresponding effect on the company’s financial position and results of operations.” In a filing with the SEC, Take-Two said it “could not complete” its annual 10-K report “in a timely basis due to issues raised in the previously disclosed investigation by the staff of the SEC’s Division of Enforcement into certain accounting matters relating to the company’s financial statements.” In separate research notes Mon., Southwest Securities and RBC Capital Markets analysts Arvind Bhatia and Stewart Halpern expressed cautious optimism that the revelations by Take-Two could mean the publisher’s problems with the SEC could be winding down at last. Investors apparently felt that that could be the case as -- despite the mostly downbeat news it reported -- Take-Two shares were up Mon. in late afternoon trading. The company said it had slashed its first-quarter forecast because of: (1) Shifting the release of the game Mafia for Xbox and “the majority of the European shipments of Mafia for PlayStation 2 from the first fiscal quarter to the 2nd fiscal quarter.” (2) “Unanticipated weakness in the company’s North American publishing business during the holiday season and extending into January, with continued disappointing sales of Max Payne 2: The Fall of Max Payne.” (3) “The impact of the change in the company’s methodology for recording price concession reserves.” (4) “Bad debt expense incurred as a result of the Chapter 11 bankruptcy filing of KB Toys.” (5) “Expenses related to the cancellation of 2 products in development.” But it said “the shortfall was partially offset by the strength of the company’s Jack of All Games distribution business.”
On October 27, 2003, the State Department published a final rule which amended the International Traffic in Arms Regulations (ITAR) to indicate that exporters that are required to report shippers export information of U.S. Munitions List (USML) articles must use the Automated Export System (AES).
U.S. Customs and Border Protection (CBP) has issued a notice which invites the general public and other Federal agencies to comment on information collection requirements concerning the U.S.-Caribbean Basin Trade Partnership Act (CBTPA) non-textile Certificate of Origin (Form CBP-450).