GSP

Trade Trifecta!

USA and Chinese flags on mountain signpost.

Photo credit: iStock.com/Darwel

By Susan Kohn Ross

Some events rather significant to international traders occurred in the last few days. First, on Friday, March 23, 2018, President Trump signed the latest spending bill. It includes a provision to renew Generalized System of Preferences (“GSP”) benefits retroactive to December 31, 2017, when the program last expired. GSP is now authorized through December 31, 2020.

With history as a guide, we should expect Customs and Border Protection to shortly publish a message advising when its programming is updated, the deadline by which to file refunds and similar details. In the past, so long as the entry was filed with an “A” or similar indicator, refunds were routinely issued, but importers would still be wise to make sure their list of eligible entries is current, and then to track their refunds. Since the bill was signed into law on Friday, the deadline to file refund requests will be 180 days later, which works out to September 18, 2018. (more…)

Trade Preference Programs Get New Life

By Susan Kohn Ross

Originally published by the Journal of Commerce in July 2015.

In the last few months, there has been extensive press coverage about the President’s trade agenda and the ultimate Congressional grant of Trade Promotion Authority. As noted in that coverage, the Trans-Pacific Partnership (TPP) (the Trans-Pacific trade deal being negotiated with Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam) and the Transatlantic Trade and Investment Partnership (TTIP) (the equally important trade deal proposed with the EU countries – Austria, Belgium, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece (yes – still, at least as of date of initial publication), Hungary, Ireland, Italy, Latvia, Lithuanian, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden and the United Kingdom), are now likely realities, but not in the next few months. (more…)

GSP Refunds Clarified

 

While the oft-rumored Federal Register notice has yet to be seen, Customs and Border Protection (CBP) did publish information about obtaining refunds under the now reinstated Generalized System of Preferences (GSP). Information about the legislation which authorized the renewal was published in our Alert dated July 14, 2015. See MS&K Alert re GSP Renewal for this Alert.Since then, CBP has announced its computers will be reprogramed so that starting July 29th, new entries making GSP claims will benefit from the zero rate of duty. CBP has also posted on its website a general announcement and FAQs re GSP refund claims. See Renewal of GSP and GSP FAQs. A more detailed refund process is also summarized at GSP Refund Process (more…)