Tag Archives: GSP

General System of Preferences (GSP) Renewal

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.

GSP Renewal

Monday, June 29, 2015

 

GSP Renewal

The long-awaited renewal of the Generalized  System of Preferences (GSP) which had expired on July 31, 2013 was passed by the House and the Senate last week.   It is anticipated that President Obama will soon follow through with enactment, possibly as early as this week to reinstate GSP and extend it through December, 2017.

Once the bill is signed and becomes law, CBP will issue specific instructions about securing refunds for entries made during the lapse in GSP.  FHK will issue trade alerts to keep importers up to date on the progress of the bill and the instructions for refunds.

For more information on this: https://www.govtrack.us/congress/bills/114/hr1295