GSP Renewal

GSP Renewal

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On June 29, 2015, the President signed the Trade Preferences Extension Act of 2015. Title II of the Act authorizes GSP through December 31, 2017 and makes GSP retroactive to July 31, 2013.  As provided in the Act, duty-free treatment of GSP-eligible imports will become effective 30 days after enactment (July 29, 2015).

As the GSP program was renewed retroactively, CBP will reimburse U.S. importers for tariffs paid on eligible products during the gap period.  Importers should be advised that duties collected may take up to 90 days after liquidation or reliquidation of entries to process and refund retroactively.  On July 28, 2015, CBP published a notice in the Federal Register providing further guidance on the renewal and how to obtain a refund.  (For more general information on customs procedures, please reference the CBP website here.)

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