Adduci, Mastriani & Schaumberg LLP

Trade Alert: GSP to Renew July 29, 2015

Date: 
Jul 13 2015

Program Benefits Will Apply Retroactively
Rapid Customs Information Bulletin, 07/10/2015

President Obama signed the Trade Preferences Extension Act of 2015 on June 29, 2015.  The Act renews the General System of Preferences (“GSP”), effective July 29, 2015, through December 31, 2017, and allows importers to receive their associated duty refunds retroactively beginning July 31, 2013, the date on which the duty preference program last expired.  Only importers who paid duties on GSP-eligible products qualify for reimbursement.  Importers must apply for reimbursement by January 25, 2016, and provide enough information for CBP to locate or reconstruct the eligible entries.  Upon application, eligible goods entered between July 31, 2013, and July 29, 2015, will be liquidated or reliquidated as though they had entered prior to expiration.  Refunds will be processed within 90 days.  Further details about how to apply for refunds are due to be released this month. 

GSP is the oldest U.S. trade preference program.  The program reduces or eliminates duties for over 5,000 products from 122 lesser developed and least developed countries.

 

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