Tuesday, March 27, 2018
General System of Preferences (GSP) Renewal
One of the conditions of the latest spending bill signed by President Trump on Friday, March 23, 2018 included a provision to renew Generalized System of Preferences (GSP) benefits. These benefits will take effect on April 22, 2018 and applied retroactively to December 31, 2017 when the program expired. GSP will be in effect until December 31, 2020.
Customs and Border Protection will notify the trade upon completion of the programming for this renewal of GSP. Because FHK continued to utilize the “A” indicator for all applicable goods, refunds should be automatically refunded, as they have in the past. A report will be provided to our clients of their eligible entries and we encourage you to monitor and track your refunds. The deadline to file refund requests is September 18, 2018, which is 180 days from the time the bill was signed into law.
Please feel free to reach out to us with any questions or comments you have regarding GSP renewal.