GSP Renewal Signed into Law
The renewal of the Generalized System of Preferences (GSP) program was signed into law H.R. 1295 last week by the President which renews GSP and refunds tariffs paid on eligible imports. GSP should enter into effect again on July 29 – almost 2 years to the day since it expired.
Now that the bill is law, Customs will issue specific instructions about securing refunds for entries made during the lapse in GSP. In the past, CBP has automatically issued refunds to importers who properly flagged their GSP eligible entries with the code “A”.
The Coalition for GSP released the following statement:
“Final congressional passage of H.R. 1295 makes today a great day for American companies and workers that depend on the Generalized System of Preferences (GSP) program,” said Daniel Anthony, Executive Director of the Coalition for GSP. “After two years of uncertainty and about $1.3 billion in taxes paid, companies once again can focus on growing their businesses knowing that duty-free treatment will resume shortly and taxes paid on GSP-eligible products will be refunded.”
To read more Renew GSP Today
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