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How can a European importer receive an IEEPA duty refund?

After the US Supreme Court’s ruling invalidated IEEPA tariffs, US Customs and Border Protection developed a process for issuing refunds to qualified importers of record  that paid these tariffs.

CBP requires IEEPA duty refunds to be sent, in US dollars  via ACH, using a U.S.-based account capable of receiving ACH payments. This presents challenges for some eligible non-U.S. recipients that may not have that capability. 

Corpay may support the receipt of approved refunds with its Multi-Currency Accounts product.

PLEASE NOTE: Corpay does not determine eligibility for tariff refunds, or file refund claims.

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The Challenges

Importers of Record and other eligible refund recipients outside the US may face operational hurdles in receiving approved IEEPA tariff refunds. 

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Can our U.S. subsidiary receive the tariff refund for our European parent company?

o    Not necessarily. If the European parent is the importer entitled to the refund, the existence of a U.S. subsidiary does not, by itself, allow the refund to be redirected to that subsidiary.

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Can the U.S. tariff refund be paid to our European bank account?

o    No, the refund must be paid into a US-domiciled, US dollar denominated account by ACH electronic transfer.

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How can a foreign Importer of Record receive an approved IEEPA refund if it does not have a U.S. bank account?

o    Corpay’s Multi-Currency Accounts solution includes U.S.-based, U.S. dollar-denominated receiving account details capable of receiving incoming ACH payments for eligible businesses.

Does Corpay Fund Finance provide the financing?

No, we are not a lender. Instead, we maintain an up-to-date database of more than 400 lender profiles, matching you to the one most suited to your needs.

Real World Example

In fact, we have already done this for a client. 

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The Italian parent company of a US subsidiary needed a US-domiciled USD account to receive a sizeable tariff refund. 
The US subsidiary was not the entity entitled to receive the refund, so the Italian parent needed U.S.-based USD receiving capabilities
Corpay’s Multi-Currency Account offering includes a USD dollar collections account domiciled in the US, that accepts incoming ACH payments. Using this MCA, Corpay was able to assist the Italian parent company with the refund.”

Ready to explore your options?

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IEEPA duty refund resources

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IEEPA Refunds: What Businesses Need to Know →

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Official CBP Guidance on IEEPA Duty Refunds →

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CBP ACH Refund Enrollment and Bank Account Requirements →

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Corpay Multi-Currency Account Overview →

About Corpay 

Corpay, Inc. (NYSE: CPAY) is a global S&P500 corporate payments company that helps businesses and consumers pay expenses in a simple, controlled manner. Corpay’s suite of modern payment solutions help its customers better manage vehicle-related expenses (such as fueling and parking), travel expenses (e.g. hotel bookings) and payables (e.g. paying vendors). This results in our customers saving time and ultimately spending less. Corpay Cross-Border refers to a group of legal entities owned and operated by Corpay, Inc.

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