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Treasury Reviewing Information Collection on Withdrawal of Stocks from Customs Custody

Thursday, January 28, 2016
Sandler, Travis & Rosenberg Trade Report

The Treasury Department’s Alcohol and Tobacco Tax and Trade Bureau is inviting comments through Feb. 29 on the proposed extension of form TTB REC 5620/2, Airlines Withdrawing Stock from Customs Custody. Airlines may withdraw, without payment of tax, distilled spirits and wine from their stocks held in customs custody at airports for use as supplies on aircraft engaged in foreign flights. Accounting for withdrawals of such products is necessary to protect the revenue by detecting and preventing diversion of the products into the domestic market. The required record shows, among other things, the amount of spirits and wine withdrawn, flight identification and customs certification.

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