Customs and Border Protection (CBP) issues a guidance that allows a reduced excise tax rate for alcoholic beverages. This favors executives within the alcoholic beverage industry since it is a major step by the U.S Customs and Border Protection to implement the excise tax cuts for alcohol imports following the enactment of the tax reform legislation initiated late 2017.
In addition to the excise tax cuts, the CBP provides three available documents to facilitate and document the reduced tax rate on the importation of alcohol beverages. The documents are the Craft Beverage Modernization Act (CBMA), a controlled group spreadsheet and assignment certification required for importers to claim reduces tax rates for their alcoholic beverages imported throughout 2018 and 2019.
Source: www.theamericanshipper.com, November 2018