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of <h1>Customs Act Section 18 Amended: New Interest Payment Rules for Importers and Exporters on Duty Assessments</h1> Section 18 of the Customs Act has been amended to include new provisions regarding interest payments. Importers or exporters must pay interest on amounts due to the Central Government following a final assessment order, calculated from the month of provisional assessment until payment. If a refundable amount is not returned within three months after final duty assessment, interest is payable on the unrefunded amount. Refunds and interest shall be paid directly to the importer or exporter if they have not transferred the duty incidence to another party, for personal use imports, or for specific duties and drawbacks as outlined in sections 26, 74, and 75.
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