GSP EXPIRATION JULY 31, 2013
“The Generalized System of Preferences (“GSP”) trade preference program is due to expire on July 31, 2013. CBP has no information as to whether or not this preference program will be renewed and if it is renewed, whether there will be a lapse period, or whether there will be a retroactive clause providing for a refund of claims made during such a period.”
In previous years when GSP has been allowed to expire, importers temporarily paid duty at the normal Column 1 General rate during the period between expiration and renewal using the Special indicator A or A+, at time of entry and or withdrawal from warehouse. The Andean Trade Preference Act (ATPA), SPI “J,” and the associated Andean Trade Promotion and Drug Eradication Act (ATPDEA), SPI “J+,” are due to expire for goods entered or withdrawn from warehouse after midnight, July 31, 2013. Once GSP was renewed, the duties were refunded (without interest). There is no guarantee that the policy of refunding duty will continue. In fact CBP explicitly does not commit to refunding of duties.
If it is renewed retroactively there would be a claims procedure established to obtain refunds of the duty paid. In that event, we would be happy to assist your company or clients with that process. In the meantime, if you have any questions, please contact Page & Jones, Inc. or visit our website for the latest information. www.pagejones.com
CBP-GSP Due to Expire July 31, 2013
The information contained in this newsletter has been compiled from various industry newsletters and other public sources. While we use reasonable efforts to furnish accurate and up-to-date information Page & Jones, Inc. is not liable or responsible for the accuracy or reliability of any information contained herein.