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TTB Amends Regs on Excise Tax Refunds for Imported Wine
September 15, 2015 |Treasury Dept.

The Alcohol and Tobacco Tax and Trade Bureau is amending its regulations to conform to a nearly two-decade old law that allows for refunds of excise tax when tax-paid imported wine is returned to bonded wine premises (here). The agency’s final rule also amends TTB regulations to allow refunds on tax-paid wine returned to bonding that is not unmerchantable. The new regulations take effect Oct. 15.

Temporary Iran Sanctions Relief to Stay in Effect Until Nuclear Deal Implementation
August 11, 2015 |Treasury Dept.

The U.S. will continue its temporary sanctions relief on Iran over the upcoming months before any nuclear enrichment deal is implemented, the Treasury Department said in a recent day's memo (here). That relief lifts restrictions on Iranian exports of petrochemical products, Iran’s purchase and sale of gold and precious metals, the provision of goods and services to Iran’s automotive sector, and the licensing of safety-of-flight inspections and repairs for Iranian civil aviation. It also creates channels to allow Iran to import humanitarian goods. The U.S., Iran and P5+1 countries, which include the United Kingdom, France, Germany, Russia, China and a European Union representative, struck a long-term deal in mid-July to lift sanctions in exchange for Iranian commitments to ensure its nuclear program is peaceful (see 1507210005). Congress is preparing to vote on whether to reject the deal after reconvening in September, and a bipartisan range of high-profile lawmakers have recently vowed to oppose it (here). President Barack Obama has threatened to veto a vote of disapproval, meaning opponents will need to build support from two-thirds of each chamber. The implementation date for a final deal isn’t yet decided, but analysts expect the first half of 2016 (here).