The Department of Agriculture’s Agricultural Marketing Service has issued a final rule that, effective Jan. 25, 2016, will prescribe late payment and interest charges on past due assessments under the Paper and Paper-Based Packaging Promotion, Research and Information Order.
Under this order, assessments are collected from manufacturers and importers (with certain exceptions) and used for projects to promote paper and paper-based packaging. Assessments are due by the 30th calendar day of the month following the end of the quarter in which the covered products were manufactured or imported.
AMS is now imposing a one-time late payment charge of 10 percent of the assessments due, before interest charges have accrued, on any assessments not received within 60 calendar days of the due date. The agency will also add an interest rate of 1.5 percent per month to the outstanding balance, including any late payment and accrued interest, of any accounts for which payment has not been received within 60 calendar days of the due date. Such interest will continue to accrue monthly until the outstanding balance is paid.