Drawback of Internal Revenue Excise Taxes, 9359-9360 [2010-4374]
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9359
Proposed Rules
Federal Register
Vol. 75, No. 40
Tuesday, March 2, 2010
This section of the FEDERAL REGISTER
contains notices to the public of the proposed
issuance of rules and regulations. The
purpose of these notices is to give interested
persons an opportunity to participate in the
rule making prior to the adoption of the final
rules.
DEPARTMENT OF HOMELAND
SECURITY
Bureau of Customs and Border
Protection
DEPARTMENT OF THE TREASURY
19 CFR Parts 113 and 191
[USCBP–2009–0021]
RIN 1505–AC18
Drawback of Internal Revenue Excise
Tax
WReier-Aviles on DSKGBLS3C1PROD with PROPOSALS
AGENCY: Customs and Border Protection,
Department of Homeland Security;
Department of the Treasury.
ACTION: Withdrawal of notice of
proposed rulemaking.
SUMMARY: This document withdraws a
notice of proposed rulemaking,
published in the Federal Register on
October 15, 2009, that proposed
amendments to title 19 of the Code of
Federal Regulations to: preclude the
filing of a substitution drawback claim
for internal revenue excise tax paid on
imported merchandise in situations
where no excise tax was paid upon the
substituted merchandise or where the
substituted merchandise is the subject
of a different claim for refund or
drawback of tax under any provision of
the Internal Revenue Code; and add a
basic importation and entry bond
condition to foster compliance with the
amended drawback provision. The
notice is being withdrawn to permit
further consideration of the relevant
issues involved in the proposed
rulemaking.
DATES: Effective Date: The effective date
of this withdrawal is March 2, 2010.
FOR FURTHER INFORMATION CONTACT:
William Rosoff, Regulations and
Rulings, Office of International Trade,
(202) 325–0047.
SUPPLEMENTARY INFORMATION:
Background
On October 15, 2009, Customs and
Border Protection (CBP) published a
VerDate Nov<24>2008
14:54 Mar 01, 2010
Jkt 220001
notice of proposed rulemaking in the
Federal Register (74 FR 52928)
proposing changes to parts 113 and 191
within title 19 of the Code of Federal
Regulations. The proposed amendments
would: (1) Preclude the filing of a
substitution drawback claim for internal
revenue excise tax paid on imported
merchandise in situations where no
excise tax was paid upon the substituted
merchandise or where the substituted
merchandise is the subject of a different
claim for refund or drawback of tax
under any provision of the Internal
Revenue Code; and (2) add a basic
importation and entry bond condition to
the CBP regulations to foster compliance
with the amended drawback provision.
The comment period was extended
twice to allow additional time for
interested parties to submit comments
on the proposed rulemaking. The
comment period ended on January 12,
2010.
Withdrawal of Notice of Proposed
Rulemaking
CBP is withdrawing the notice of
proposed rulemaking published in the
Federal Register (74 FR 52928) on
October 15, 2009, so that relevant issues
involved in the proposed rulemaking
may be further considered.
David V. Aguilar,
Acting Deputy Commissioner, U.S. Customs
and Border Protection.
Approved: February 25, 2010.
Michael Mundaca,
Acting Assistant Secretary of the Treasury.
[FR Doc. 2010–4379 Filed 3–1–10; 8:45 am]
BILLING CODE 9111–14–P
DEPARTMENT OF THE TREASURY
Alcohol and Tobacco Tax and Trade
Bureau
27 CFR Parts 28 and 44
[Docket No. TTB–2009–0005; Notice No.
102; Re: Notice Nos. 100 & 101]
RIN 1513–AB77
Drawback of Internal Revenue Excise
Taxes
AGENCY: Alcohol and Tobacco Tax and
Trade Bureau, Treasury.
ACTION: Withdrawal of notice of
proposed rulemaking.
PO 00000
Frm 00001
Fmt 4702
Sfmt 4702
SUMMARY: This document withdraws a
notice of proposed rulemaking,
published in the Federal Register on
October 15, 2009, that proposed
conforming amendments to reflect
proposed Customs and Border
Protection regulations stating that
domestic merchandise on which no tax
is paid under the Internal Revenue Code
may not be substituted for imported
merchandise for purposes of claims for
drawback of tax under the customs laws
and regulations. The notice is being
withdrawn to permit further
consideration of the relevant issues
involved in the proposed rulemaking.
DATES: The proposed rulemaking is
withdrawn on March 2, 2010.
FOR FURTHER INFORMATION CONTACT:
Gerry Isenberg, Regulations and Rulings
Division, Alcohol and Tobacco Tax and
Trade Bureau, 1310 G Street, NW., Suite
200–E, Washington, DC 20220;
telephone (202) 453–2097.
SUPPLEMENTARY INFORMATION:
Background
On October 15, 2009, the Alcohol and
Tobacco Tax and Trade Bureau (TTB)
published in the Federal Register a
notice of proposed rulemaking to amend
its regulations to clarify the relationship
between tax payment under the Internal
Revenue Code of 1986 and drawback of
tax under the Tariff Act of 1930. See
Notice No. 100 at 74 FR 52937.
Specifically, TTB’s proposed
rulemaking would have provided
conforming regulations to reflect
proposed Customs and Border
Protection (CBP) regulations stating that
domestic merchandise on which no tax
is paid under the Internal Revenue Code
may not be substituted for imported
merchandise for purposes of claims for
drawback of tax under the customs laws
and regulations. TTB later extended the
comment period closing date for its
proposal until January 14, 2010. See
Notice No. 101, November 27, 2009, at
74 FR 62266.
The CBP notice of proposed
rulemaking regarding drawback of
internal revenue excise tax, on which
TTB’s proposed rulemaking was based,
also was published in the Federal
Register on October 15, 2009, at 74 FR
52928. CBP twice extended the
comment period on its proposal to allow
additional time for interested parties to
comment on the proposed rulemaking.
See the CBP notices of November 4,
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9360
Federal Register / Vol. 75, No. 40 / Tuesday, March 2, 2010 / Proposed Rules
2009 (74 FR 57125), and November 25,
2009 (74 FR 61585). The CPB proposal’s
comment period ended on January 12,
2010.
Withdrawal of Notice No. 100
The proposed CBP regulations
published on October 15, 2009, and on
which TTB’s proposed rulemaking was
based, are being withdrawn to allow for
further consideration of the issues
involved. Consistent with the CBP
action, TTB withdraws its proposed
rulemaking, Notice No. 100, published
in the Federal Register on October 15,
2009 at 74 FR 52928.
Dated: February 3, 2010.
John J. Manfreda,
Administrator.
Approved: February 25, 2010.
Michael Mundaca,
Acting Assistant Secretary (Tax Policy).
[FR Doc. 2010–4374 Filed 3–1–10; 8:45 am]
BILLING CODE 4810–31–P
DEPARTMENT OF LABOR
Employee Benefits Security
Administration
29 CFR 2550
RIN 1210–AB35
Investment Advice—Participants and
Beneficiaries
WReier-Aviles on DSKGBLS3C1PROD with PROPOSALS
AGENCY: Employee Benefits Security
Administration, Labor.
ACTION: Proposed rule.
SUMMARY: This document contains a
proposed rule under the Employee
Retirement Income Security Act, and
parallel provisions of the Internal
Revenue Code of 1986, relating to the
provision of investment advice to
participants and beneficiaries in
individual account plans, such as 401(k)
plans, and beneficiaries of individual
retirement accounts (and certain similar
plans). Upon adoption, the proposed
rule would implement provisions of a
statutory prohibited transaction
exemption, and would replace guidance
contained in a final rule, published in
the Federal Register on January 21,
2009, that was withdrawn by the
Department pursuant to a Notice
published in the Federal Register on
November 20, 2009. Upon adoption, the
proposed rule affects sponsors,
fiduciaries, participants and
beneficiaries of participant-directed
individual account plans, as well as
providers of investment and investment
advice related services to such plans.
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14:54 Mar 01, 2010
Jkt 220001
DATES: Written comments on the
proposed regulations should be
submitted to the Department of Labor on
or before May 5, 2010.
FOR FURTHER INFORMATION CONTACT: Fred
Wong, Office of Regulations and
Interpretations, Employee Benefits
Security Administration (EBSA), (202)
693–8500. This is not a toll-free number.
ADDRESSES: To facilitate the receipt and
processing of comment letters, the EBSA
encourages interested persons to submit
their comments electronically by e-mail
to e-ORI@dol.gov (enter into subject
line: 2010 Investment Advice Proposed
Rule) or by using the Federal
eRulemaking portal at https://
www.regulations.gov. Persons
submitting comments electronically are
encouraged not to submit paper copies.
Persons interested in submitting paper
copies should send or deliver their
comments to the Office of Regulations
and Interpretations, Employee Benefits
Security Administration, Attn: 2010
Investment Advice Proposed Rule,
Room N–5655, U.S. Department of
Labor, 200 Constitution Avenue, NW.,
Washington, DC 20210. All comments
will be available to the public, without
charge, online at https://
www.regulations.gov and https://
www.dol.gov/ebsa and at the Public
Disclosure Room, N–1513, Employee
Benefits Security Administration, U.S.
Department of Labor, 200 Constitution
Avenue, NW., Washington, DC 20210.
SUPPLEMENTARY INFORMATION:
A. Background
On January 21, 2009, the Department
of Labor published final rules on the
provision of investment advice to
participants and beneficiaries of
participant-directed individual account
plans and to beneficiaries of individual
retirement accounts and certain similar
plans (IRAs) (74 FR 3822). The rules
implement a statutory prohibited
transaction exemption under ERISA
Sec. 408(b)(14) and Sec. 408(g), and
under section 4975 of the Internal
Revenue Code of 1986 (Code),1 and also
contain an administrative class
exemption granting additional relief. As
published, these rules were to be
effective on March 23, 2009. On
1 Section 601 of the Pension Protection Act of
2006 (PPA) added sections 408(b)(14) and 408(g) of
ERISA. The PPA also added parallel provisions to
the Code at sections 4975(d)(17) and 4975(f)(8).
Under Reorganization Plan No. 4 of 1978 (43 FR
47713, Oct. 17, 1978), 5 U.S.C. App. 1, 92 Stat.
3790, the authority of the Secretary of the Treasury
to issue rulings under section 4975 of the Code has
been transferred, with certain exceptions not here
relevant, to the Secretary of Labor. Therefore, the
references in this notice to specific sections of
ERISA should be taken as referring also to the
corresponding sections of the Code.
PO 00000
Frm 00002
Fmt 4702
Sfmt 4702
February 4, 2009, the Department
published in the Federal Register (74
FR 6007) an invitation for public
comment on a proposed 60 day
extension of the effective dates of the
final rules in order to afford the Agency
the opportunity to review legal and
policy issues relating to the final rules.
The Department also invited public
comments on the provisions of those
rules and on the merits of rescinding,
modifying or retaining the rules. In
response to this invitation, the
Department received 28 comment
letters.2 On March 20, 2009, the
Department adopted a 60 day extension
of the final rule. (See 74 FR 11847). In
order to afford the Department
additional time to consider the issues
raised by commenters, the effective and
applicability dates were further delayed
until November 18, 2009 (74 FR 23951),
and then until May 17, 2010 (74 FR
59092).
B. Comments Received
A number of the commenters
expressed the view that the final rule
raises significant issues of law and
policy, and should be withdrawn.
Several of these commenters argued that
the class exemption contained in the
final rule permits financial interests that
would cause a fiduciary adviser, and
individuals providing investment
advice on behalf of a fiduciary adviser,
to have conflicts of interest, but does not
contain conditions that would
adequately mitigate such conflicts. They
asserted that investment advice
provided under the class exemption
therefore might be tainted by the
fiduciary adviser’s conflicts. Other
commenters expressed concerns about
those provisions of the rule relating to
the ‘‘fee-leveling’’ requirement under the
statutory exemption. In particular, some
opined that the Department’s
interpretation of the statutory
exemption’s fee-leveling requirement is
incorrect for permitting the receipt of
varying fees by an affiliate of a fiduciary
adviser. As a result, they argued, a
fiduciary adviser under such a feeleveling arrangement has a conflict of
interest, and the final rule does not
adequately protect against investment
advice that is influenced by the
financial interests of the fiduciary
adviser’s affiliates. Commenters who
advocated retention of the final rule
argued that it contains strong safeguards
that would protect the interests of plan
participants and beneficiaries.
2 These comments are available on the
Department’s Web site at: https://www.dol.gov/ebsa/
regs/cmt-investmentadvicefinalrule.html.
E:\FR\FM\02MRP1.SGM
02MRP1
]]>Agencies
[Federal Register Volume 75, Number 40 (Tuesday, March 2, 2010)]
[Proposed Rules]
[Pages 9359-9360]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-4374]
=======================================================================
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DEPARTMENT OF THE TREASURY
Alcohol and Tobacco Tax and Trade Bureau
27 CFR Parts 28 and 44
[Docket No. TTB-2009-0005; Notice No. 102; Re: Notice Nos. 100 & 101]
RIN 1513-AB77
Drawback of Internal Revenue Excise Taxes
AGENCY: Alcohol and Tobacco Tax and Trade Bureau, Treasury.
ACTION: Withdrawal of notice of proposed rulemaking.
-----------------------------------------------------------------------
SUMMARY: This document withdraws a notice of proposed rulemaking,
published in the Federal Register on October 15, 2009, that proposed
conforming amendments to reflect proposed Customs and Border Protection
regulations stating that domestic merchandise on which no tax is paid
under the Internal Revenue Code may not be substituted for imported
merchandise for purposes of claims for drawback of tax under the
customs laws and regulations. The notice is being withdrawn to permit
further consideration of the relevant issues involved in the proposed
rulemaking.
DATES: The proposed rulemaking is withdrawn on March 2, 2010.
FOR FURTHER INFORMATION CONTACT: Gerry Isenberg, Regulations and
Rulings Division, Alcohol and Tobacco Tax and Trade Bureau, 1310 G
Street, NW., Suite 200-E, Washington, DC 20220; telephone (202) 453-
2097.
SUPPLEMENTARY INFORMATION:
Background
On October 15, 2009, the Alcohol and Tobacco Tax and Trade Bureau
(TTB) published in the Federal Register a notice of proposed rulemaking
to amend its regulations to clarify the relationship between tax
payment under the Internal Revenue Code of 1986 and drawback of tax
under the Tariff Act of 1930. See Notice No. 100 at 74 FR 52937.
Specifically, TTB's proposed rulemaking would have provided conforming
regulations to reflect proposed Customs and Border Protection (CBP)
regulations stating that domestic merchandise on which no tax is paid
under the Internal Revenue Code may not be substituted for imported
merchandise for purposes of claims for drawback of tax under the
customs laws and regulations. TTB later extended the comment period
closing date for its proposal until January 14, 2010. See Notice No.
101, November 27, 2009, at 74 FR 62266.
The CBP notice of proposed rulemaking regarding drawback of
internal revenue excise tax, on which TTB's proposed rulemaking was
based, also was published in the Federal Register on October 15, 2009,
at 74 FR 52928. CBP twice extended the comment period on its proposal
to allow additional time for interested parties to comment on the
proposed rulemaking. See the CBP notices of November 4,
[[Page 9360]]
2009 (74 FR 57125), and November 25, 2009 (74 FR 61585). The CPB
proposal's comment period ended on January 12, 2010.
Withdrawal of Notice No. 100
The proposed CBP regulations published on October 15, 2009, and on
which TTB's proposed rulemaking was based, are being withdrawn to allow
for further consideration of the issues involved. Consistent with the
CBP action, TTB withdraws its proposed rulemaking, Notice No. 100,
published in the Federal Register on October 15, 2009 at 74 FR 52928.
Dated: February 3, 2010.
John J. Manfreda,
Administrator.
Approved: February 25, 2010.
Michael Mundaca,
Acting Assistant Secretary (Tax Policy).
[FR Doc. 2010-4374 Filed 3-1-10; 8:45 am]
BILLING CODE 4810-31-P
