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GSP Expiration

GSP (Generalized System of Preferences) expired on July 31, 2013.  We now have to wait over a month (until the second week of September) for Congress to reconvene and hopefully take up the issue of extending GSP. There is no guarantee that Congress will renew GSP.

 

Importers who were relying on GSP duty savings will begin to see their products entered dutiable under Column 1 general duty rates.  For entries that would have benefited from GSP, we are marking the entries to make sure that they will be automatically reprocessed should Congress eventually renew GSP with retroactive benefits. We do recommend that importers keep detailed records of which entries they are paying duties on so that when/if Customs does refund duty payments, importers receive the appropriate amount back.

 

-Jimmy Ting

jimmyting@great-world.com

t: 650-873-9050 x1019

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