Accounting of scrap of metals clarified: daily consolidated RG-1 entries, flexible bonded storage, and valuation by predominance. Consolidated RG-1 entries for waste and scrap must be made at the end of each day; shift accounts are unnecessary. Multiple factory storage locations may be treated as bonded store rooms where a single junk yard is not available. Storage loss is to be handled under existing instructions with remission of duty allowed within those parameters. Recycling and captive consumption are subject to applicable duty rules. Assorted scrap valuation and classification must follow Note 5 of Section XV, using the predominance-by-weight principle.
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Accounting of scrap of metals clarified: daily consolidated RG-1 entries, flexible bonded storage, and valuation by predominance.
Consolidated RG-1 entries for waste and scrap must be made at the end of each day; shift accounts are unnecessary. Multiple factory storage locations may be treated as bonded store rooms where a single junk yard is not available. Storage loss is to be handled under existing instructions with remission of duty allowed within those parameters. Recycling and captive consumption are subject to applicable duty rules. Assorted scrap valuation and classification must follow Note 5 of Section XV, using the predominance-by-weight principle.
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