Omnibus Clarifies Intent of Onerous Cuba Payment Rule

Omnibus Clarifies Intent of Onerous Cuba Payment Rule
USAgNet - 12/21/2009

An omnibus appropriations bill signed by President Barack Obama on
Wednesday included language to clarify Congress' intent with regards to
the so-called 'payment of cash in advance' rule affecting trade of
agricultural goods with Cuba.

The regulation was interpreted by the Treasury Department in 2005 to
mean that payment for goods going to Cuba had to be made before the
goods left U.S. ports--a far stricter standard than for most
transactions and one that put a significant damper on Cuba sales.

The omnibus clarifies that the definition should be interpreted to mean
payment before transfer of title to, and control of, the exported items
to the Cuban purchaser.

Members of Congress who support greater agricultural trade with Cuba
have long been trying to clarify this payment rule with the Treasury
Department. Prohibiting enforcement of the rule has been a target in
many legislative efforts to ease trade and travel restrictions with the
country.

Wisconsin Ag Connection - National/World News - Omnibus Clarifies Intent
of Onerous Cuba Payment Rule (21 December 2009)
http://www.wisconsinagconnection.com/story-national.php?Id=2619&yr=2009