Once again, the Generalized System of Preferences Act (GSP) will be expiring on December 31. With no Congressional authority for renewal in sight before then, importers should be prepared to act as usual during the lapse.
The GSP Act, which provides duty-free treatment to importers of goods from designated beneficiary countries, periodically expires and must be renewed by Congress. All previous GSP renewals that have taken effect after a lapse have had a retroactive clause that provided refunds to importers of eligible goods imported during the lapse period.
What Should You Do?
Until the Act is renewed, WB Skinner encourages you to continue to flag GSP-eligible importations with the SPI “A” designation even as you pay normal trade relations (column 1) duty rates on otherwise GSP-eligible importations. Refunds will be done directly by CBP, which this year is working towards automating the refunds to enable quicker payment.
If you are a current client of WB Skinner, you will receive your refunds automatically. Contact us for more information.
If you are not a current WB Skinner client, contact us to find out how to receive your refunds.
If you have any questions about your shipments, from how to ensure their safe and effective delivery to ensuring the most cost-efficient procedures, you can count on us to help. And we guarantee you will be greeted by one of our experienced partners, not shuttled off to a junior associate or a voice mail.
Check back at wbskinner.com for updates or contact us for more information.