An extension of the Generalized System of Preferences (GSP) through 2020 is included in the $1.3 trillion omnibus spending legislation signed by the President this week. Here’s what this means for our customers and partners around the world.
- The language in the bill provides retroactive benefits for any goods normally eligible for GSP entered into U.S. commerce during the lapse in coverage, including goods withdrawn from warehouses for consumption during the time frame.
- Per the measure, the U.S. government would have to pay all amounts owed to stakeholders no later than 90 days after the date of liquidation or re-liquidation.
- In order for the GSP to be retroactive, the entry had to be submitted to U.S. Customs with the Special Program Indicator A, A+, or A-.
- CSI employees were instructed to enter all shipments using these indicators.
- The legislation requires the Office of the U.S. Trade Representative to submit to the House Ways and Means and Senate Finance committees an annual report on enforcement of GSP eligibility criteria for beneficiary countries, starting no later than one year after the bill’s enactment and ending on Dec. 31, 2020.
- This is a brief statement on the U.S. Customs and Boarder Protection website. It indicates refunds should begin after April 22, 2018.
If you have questions, please call our office.