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FTC prescribes remedy for practices of for-profit medical school By Lesley Fair Saint James Infirmary is a haunting tune recorded by jazz legends like Louis Armstrong and Cab Calloway. Saint James School of Medicine is a for-profit operation in the Caribbean run by U.S. defendants. The two don’t have much in common except for this: Both have left people feeling the blues.   Read more > Saint James School of Medicine: operating on lies By Andrew Rayo Choosing a medical school is a big decision, and lesser-known schools work hard to get your attention. Some set themselves apart by boasting about high first-time pass rates on standardized medical license tests, and high residency match rates. But what if their claims aren’t actually true? That happened with Saint James School of Medicine — and that’s why the FTC is taking action today. Read More> Federal Reserve Board Notification Statistical Release G.17 Industrial Production https://www.federalreserve.gov/releases/g17/current/default.htm   Released by the Board of Governors of the Federal Reserve System Visit us on the web at Federal Reserve Board.

The following GAIN reports were released on April 14, 2022. _______ European Union: European Commission Proposes Revision of Geographical Indications Legislation  In March 2022, the European Commission published a legislative proposal to revise geographical indications (GIs) legislation. The new measures integrate specific sustainability criteria and aim to achieve a higher level of protection for GIs.   Germany: Opportunities in Germany for US Fish and Seafood Exporters Germany is an important fish and seafood market for U.S. in Europe exporters. The growing demand for high-quality fish and seafood offers opportunities for U.S. suppliers especially with the partial resumption of shellfish trade in 2022. The German imports are traditionally dominated by Alaska pollock, but there are also good prospects for salmon, hake, cod, scallops, and dogfish, among others. In 2021, U.S. sales to Germany increased slightly to $214 million. This report provides information about U.S. exports, market entry, import requirements, as well as trade and market data.   Guatemala: Sugar Annual In marketing year 2022/2023, Guatemala is forecast to produce 2.6 million metric tons of sugar from sugarcane from a harvested area of 258,000 hectares. Total planted area has fallen 2 percent, but the sugar yields are forecast to increase now that half of the harvested area is planted with Guatemalan varieties with increased resistance to pest and diseases, lower water needs, and increased sugar recovery at the mills. Stocks in MY2022/2023 are forecast at 159,000 MT, after reaching significantly higher than normal stock levels during years 2020-2022. Total exports dropped 26% during MY2020/2021. Domestic prices were stable during CY2021 but have increased 10% as of January 2022.   Hong Kong: Government Disposes Shipment of Brazilian Ox Offals Citing Detection of COVID-19 on Packaging  On April 6, the Hong Kong government announced that during precautionary testing at the point of import, the packaging sample of a Brazilian offal shipment tested positive for the COVID-19 virus. As a result, the government disposed of this product batch and prevented it from circulation in the market. Since mid-2020, local authorities have collected over 30,000 samples, and announced a total of four positive cases on shipments from Indonesia, Malaysia, Brazil, and Poland. This is the second incidence reported on Brazilian shipments.   India: Cotton Import Duty Rescinded Until Late September  On April 13, 2022, the Government of India rescinded its cotton import duty of 10 percent until September 30, 2022. This import duty consists of a five percent basic customs duty and a five percent Agriculture Infrastructure and Development Cess (AIDC), which has been reversed to “Nil” until the end of the Indian cotton marketing year (October/September). This reduction is expected to support the textile sector as they deal with record high domestic fiber prices. Indian ex-gin prices are currently 4-5 percent higher than the Cotlook-A Index, demonstrating that Indian supplies are more expensive than those of global competitors.   Jamaica: Sugar Annual Jamaica’s raw sugar production in Marketing Year (MY)2021/2022 was 40,450 MT, eight percent lower than the previous MY. In MY 2022/23, Post projects 38,000 MT of sugar due to falling production. Sources claim that issues such as reallocation, the use of previous sugar lands, the high cost of production, and labor shortages are responsible for the sustained decline. Although production is likely to continue falling, Post expects that Jamaica will fulfill its export quota to the United States, while also satisfying local and regional market demands in MY2022/2023. The following GAIN reports were released on April 13, 2022. _______     Australia: Sugar Annual Australia’s sugar production is forecast to increase to 4.45 million metric tons (MMT) in marketing year (MY) 2022/23, from an estimated 4.12 MMT in MY 2021/22. This increase is due to an expected rise in sugar cane crush to 32 MMT in MY 2022/23, from an estimate of 30.1 MMT in the previous year. The increase in production is driven by anticipated improvements in sugar cane yields, mainly in the northern tropical regions of Queensland, which has experienced much improved crop growth conditions for the first nine months of the season. Raw sugar exports are forecast to increase to 3.45 MMT in MY 2022/23 from the prior year estimate of 3.2 MMT, while refined sugar is expected to remain stable at 100,000 metric tons (MT).   Brazil: Oilseeds and Products Annual Post forecasts that Brazilian producers will expand soybean planted area at a slower pace, to 42.5 million hectares (ha) in 2022/23, up from the estimated 40.7 mn ha planted in the 2021/22 season. Post forecasts 2022/23 soybean production at 139 million metric tons (MMT), up from the estimated 124.8 MMT harvest this season, assuming return to normal weather conditions. The forecast is based on current market conditions and trends - including strong demand, high prices, and a favorable exchange rate. However, the Russia/Ukraine war and resulting fertilizer supply concerns may constrain expansion. Soybean exports are estimated lower at 77 MMT for 2021/22, then forecast to rebound to 87 MMT for 2022/23. Peanut planted area and production are also forecast to rise along with soy, though exports to Russia, their largest customer, will suffer. Cottonseed area and production will shrink slightly next season (2022/23), as the sanctions cause some producers to opt for less-intensive soy.   Costa Rica: Sugar Annual FAS/San José expects Costa Rican sugar cane production in marketing year 2021/22 to fall by 2 percent – remaining just below 4 million metric tons – driving sugar production down 2 percent to 416,000 metric tons on lower projected yields. Compounding high producer debt levels, FAS/San José projects higher fuel and fertilizer costs in 2022 would perpetuate declines in sugar cane and sugar production in marketing year 2022/23 through lower area planted and lower yields.   Japan: TRQ Allocation Rates for FTAs in JFY 2021 The U.S.-Japan Trade Agreement (USJTA), which entered into force on January 1, 2020, improved market access for U.S. products through the creation of tariff-rate quotas (TRQs) for food wheat, wheat products, malt, processed cheese, whey, glucose and fructose, potato starch, corn starch, and inulin. Fill rates for these TRQs, however, remained low throughout Japanese Fiscal Year (JFY) 2021. This report provides the latest data on TRQ allocation and fill rates as well as a brief overview of the TRQ application process.   Hong Kong: Hong Kong Narrows the Ban on Imports of Small Mammals To Only Hamsters The Hong Kong government notified the World Trade Organization that it adjusted the ban on commercial imports of live rodents and lagomorphs to cover only commercial imports of live hamsters effective on April 1, 2022. In 2021, Hong Kong’s global imports of small mammals grew 14 percent to $2.5 million.   India: India's FSSAI Extends the Implementation Timeline for Infant Food Nutrition Regulations On March 29, 2022, the Ministry of Health and Family Welfare/Food Safety and Standards Authority of India (FSSAI) issued order number Std/SP-05/Orders/FSSAI [E-1317], pertaining to the Food Safety and Standards (Food for Infant Nutrition) Regulations (2020). The new FSSAI order extends the implementation date of the regulations to October 1, 2022. The implementation timeline is being extended by the FSSAI to accommodate industry associations’ representations (i.e., written commentary and concerns). Local industry is requiring additional time to reformulate and manufacture infant food products in line with the revised standards’ levels for manganese, selenium, biotin, and iron.   India: Sweet Opportunities in the Indian Confectionary and Snacks Market India’s sweets and snacks market continues to expand rapidly thanks to rising incomes and holiday/corporate gifting. COVID-19 accelerated the industry’s adoption of digital marketing/delivery platforms, leading to new partnerships with organized retailers. Manufacturers are increasingly procuring high-value, specialty ingredients in response to an ongoing shift in consumer tastes and preferences, including increased demand for healthier sweets and snacks options. Opportunities for U.S. exporters exist in consumer-oriented products, especially tree nuts, fruits, and seasonings.   Jordan: Grain and Feed Annual FAS Amman (Post) forecasts Jordan’s wheat imports in MY 2022/23 to reach 1.3 million MT driven by fears of war. The Russian war on Ukraine has a direct impact on Jordan, as most of Jordan's wheat and barley come from Black Sea. U.S. corn and rice imports are forecast at 100,000 MT and 70,000 MT respectively, and the U.S. is the leading supplier of rice to the Jordanian market.   Taiwan: Grain and Feed Annual MY2022/23 wheat production is forecast flat at 6,000 MT, unchanged from the previous two MYs. Australia recovered its market share thanks to drought recovery but the United States remains the chief supplier with 66 percent market share. To stabilize commodity prices, Taiwan removed the import tariffs and/or business taxes on wheat over a period of four months until June 30, 2022. MY2022/23 corn imports are forecast to increase 50,000 MT to 4.4 MMT. In 2021, the United States regained the largest market share for corn, though competition with South American producers remains strong. Shipping logistics issues continue to act as a drag on the volume of U.S. corn exports to Taiwan, which rely heavily on container shipments. MY2022/23 rice production is forecast to decline 50,000 MT to 1.15 MMT due to renewed efforts from COA to manage rice production. MY2021/22 rice production is estimated to recover 100,000 MT to 1.2 MMT, due to a combination of increased area but decreased yield after the 2020-21 drought.     For more information, or for an archive of all FAS GAIN reports, please visit gain.fas.usda.gov/.

IRS GuideWire April 15, 2022


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Issue Number: N-2022-15
Inside This Issue

Notice 2022-15 provides relief for the third and fourth calendar quarters of 2022, and the first calendar quarter of 2023, regarding the failure to deposit penalties imposed by section 6656 of the Code as those penalties relate to the Superfund chemical taxes. This notice also provides that during the first, second, and third calendar quarters of 2023, the Internal Revenue Service will not withdraw a taxpayer’s right to use the deposit safe harbor rules of § 40.6302(c)-1(b)(2) of the Excise Tax Procedural Regulations for failure to make required deposits of Superfund chemical taxes if certain requirements are met.

The Infrastructure Investment and Jobs Act (IIJA), Public Law 117-58, 135 Stat. 429 (November 15, 2021), reinstates the excise taxes imposed by sections 4661 and 4671 of the Internal Revenue Code (the Superfund chemical taxes), effective July 1, 2022.

This notice will be published in Internal Revenue Bulletin 2022-18 on May 2, 2022.

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