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CFO Tariff Refunds: CFOs Expect a Long-Term Process

A massive $166 billion in corporate tariff refunds sounds nice, but could take years to process.

The U.S. Supreme Court’s ruling invalidating the Trump administration’s tariffs was a positive outcome for companies, but refunds may take years to materialize.

The Supreme Court decided in February that the U.S. Customs and Border Protection (CBP) agency illegally collected $166 billion from 300,000 importers. Logically, companies should get refunds, but lawyers don’t expect a smooth process. Importers should be prepared to wait for one year, even 18 months, according to TD Securities.

The federal agency set up an online portal called the Automated Commercial Environment to handle refunds. Once the agency accepts a company’s claim, it issues refunds within 60 to 90 days.

That’s the short-term optimistic resolution, but history shows a lot of things could go wrong. In 1998, the Supreme Court announced that the government had to return $750 million in fees collected between 1993 and 1998. It took years to get done. 

The CBP is set up to collect money quickly—but it doesn’t easily send it back. Companies must document a proper claim on the new portal. Some small business owners don’t understand the complex customs terminology, while others can’t even log in to the new portal due to technical glitches. Let’s say that the agency and the company don’t agree about the amount of the refund. The importer must submit new documentation and begin a second review process. Companies could even be forced to go to court.

CFOs should be ready for a long, fastidious process. The financial expert should set up a cross-functional task force—including tax, accounting, procurement, and supply chain experts—to review the data and audit all the company’s entries. When the time comes, the task force will be able to answer any CBP question.

The online portal created by the CBP agency focuses on importers, but they are not alone. Consumers could also say that they were overcharged because of the tariffs. The federal government ignores them, but some states don’t. Taking matters into his own hands, Illinois Democrat Governor JB Pritzker, in a letter to the Trump administration posted on soicial media, demanded an $8.7 billion refund—that’s $1,700 for each Illinois household affected.

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Sunbeds in Benidorm are ‘totally empty’ for reason you’d least expect

Sunbeds in Benidorm are reported to be “totally empty”, but you may be floored to learn the story behind it. A man detailed what he thinks has been happening at the popular holiday destination

Every now and then we witness something that blows us away, and one man was recently left floored after seeing an unexpected sight in Benidorm. According to him, the sunbeds have been “empty” recently and the scene is quite something to behold.

Harry, known as Harry Tokky on TikTok, claimed he’s never seen Benidorm beach so “empty” before as he shared footage of disregarded sunbeds and a super quiet atmosphere. Known for sharing his adventures in Spain, he’s someone who knows what he’s talking about when it comes to the popular holiday destination, but this is a sight he perhaps didn’t anticipate to witness recently.

It comes as people reported a difference at the travel hotspot a few months ago. Back in December, someone else told of how the strip appeared to be super quiet too.

In the clip, Harry said: “I can’t believe it. Benidorm is deserted. Have you ever seen so many empty sunbeds in May in Benidorm? Because I haven’t.

“I know what it is. It’s because they charge people for the sunbeds. It’s got to be. Would you pay for a sunbed here in Benidorm?

“It’s currently 26 degrees. It’s absolutely gorgeous in Benidorm. Why on earth would nobody be taking a sunbed? Honestly, answer me that question.

“It’s really quiet down here today. It really is. I’ve never seen so many sunbeds. Normally this beach is absolutely rammed – you can’t even move, but there are a lot of sunbeds available.”

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The video got several people talking, as it’s been viewed hundreds of times. They had all sorts of things to say about the situation, but not everybody agreed with Harry’s theory.

One person said: “Flights aren’t cheap anymore. Checked a few times over the last month and that’s what I found anyway.”

Another added: “When I come back, I’m sitting on my towel.” A third replied: “Getting too expensive.”

However, others had different ideas and thought the price was quite reasonable. Some also noted they’ve seen the beach packed in recent days.

Someone else replied: “It’s a decent price to come and go all day if you want to.” Another noted: “And yet when I was there today it was rammed. What time was this, 6am?”

A different person noted: “It was packed earlier.” One more also said: “Depends what time of day it is.”

What you need to know

According to reports, you have to pay to reserve a sunbed on Benidorm’s beaches, such as Levante and Poniente. It’s said to be €6 (£5.18) per sunbed and €6 per parasol per day.

There’s no need for advance reservations as you pay the attendant on the beach, and your ticket allows you to use your chosen spot all day. While it’s not clear if this is the only reason they’ve been claimed to be so “empty”, it’s one theory presented by people.

It’s clearly still a travel hotspot though, as Benidorm welcomes over three million visitors annually, making it a super popular tourist destination. In fact, the city’s overall population swells by up to 12 times during peak periods.

The council has been contacted for more information.

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Will my flight be cancelled? What to expect this summer as jet fuel shortage threatens cancellations

MANY families looking to go on holiday this summer are worried that their plans may be spoiled by the ongoing fuel crisis caused by the war in Iran.

Those concerns were powered by the Head of the International Energy Agency Fatih Birol warning that Europe has just six weeks of jet fuel left.

The Head of the International Energy Agency Fatih Birol has warned that Europe has just six weeks of jet fuel remaining Credit: Alamy
Flights to Middle East locations like Dubai have been put on hold or permanently cancelled Credit: Alamy

Here’s everything you need to know.

Will my flight be cancelled due to the fuel shortage?

In response to US and Israeli attacks, Iran has closed off the Strait of Hormuz since February 28, a key route for jet fuel out of the Gulf.

This has caused a massive increase in oil prices and resulted in fears of jet fuel shortages.

For example, the price of jet fuel has rapidly surged from £67 ($90) per barrel to a whopping £150 ($200).

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With Birol stating there is enough for just six weeks, airports will possibly be dealing with critical fuel shortages by as early as next month.

That would cause travel chaos for Brits heading abroad during the school May half-term holidays and potentially continue into the summer.

An almost certain consequence will be the effect on journeys to long-haul destinations, as airlines may not have enough fuel for the return journey.

The price of jet fuel has rapidly surged from $90 (£67) per barrel to a whopping $200 (£150) Credit: Getty

Which airlines have cancelled flights already?

British Airways is amongst the airlines that have begun cancelling flights as they have suspended services to the Middle East.

Journeys to the likes of Dubai and Doha have been put on pause for now and are set to resume in July.

However, the airline has announced it will permanently close its service from London Heathrow to Jeddah in Saudi Arabia from April 24, 2026.

Virgin Atlantic announced earlier this month that it has permanently scraped its London flight to Riyadh.

Other airways that have cancelled flights include:

Lufthansa‘s airline CityLine is set to close due to both the Iran crisis and ongoing strike action Credit: EPA

How long will the fuel shortage last?

Sally Gethin, an aviation specialist, spoke on the matter and said the consequences could get severe if the Strait remains closed. 

She told the Daily Mail: “The best case scenario would be fares going up and some routes being cancelled. 

“The worst case scenario is if this carries on for six to eight weeks and the shortages start really biting. This could pose an existential crisis to airlines – even if they slap on fuel surcharges they still won’t recoup the cost.”

“You could be looking at tens of thousands, potentially hundreds of thousands, of flights being cancelled globally.”

How will this affect my upcoming holiday?

Holidays should not be too seriously impacted as our main tour operators and airlines have hedged their fuel essentially meaning they have purchased their fuel far in advance at a fixed rate.

What could happen, however, is if the jet fuel crisis continues into June, tour operators could potentially start to add a surcharge to the price of holidays.

A limited number of flights may be cancelled but airlines and tour operators will attempt to minimise disruptions by focusing on routes where they have multiple daily flights.

Holidays would only be cancelled if the fco advises against travel to the destination.

This is highly unlikely to happen with any Med destination because there are no safety concerns right now in popular holiday resorts.

However if fuel supplies fall into short supply in Europe this could possibly impact flights and therefore your holiday.

Am I entitled to a refund?

If some or all parts of your getaway are cancelled by the provider, your rights to a refund depend entirely on whether you booked your trip as a package holiday (purchasing accommodation and flights, or car hire, together) or individually.

Your money tends to be much better protected with a package getaway and in this circumstance you will be offered either an alternative holiday or a refund.

So, is now a bad time to book?

There are some great deals to be had right now, just approach with caution.

It is vital that you take out travel insurance as if your flight is cancelled you may well have protection against the cost of other elements of your holiday such as accommodation or transfers.

If you’re looking at booking now, Europe is a very safe option.

Although the likes of Turkey and Cyprus in the eastern med have seen bookings drop, there is currently no reason for you not to visit them.

They’re on the safe list and currently have some great deals.

Always book travel insurance the minute you book your holiday and check the policy carefully.

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