GSP Renewal Clarification

As you are aware, the president recently signed off on the Trade Preferences Extension Act which retroactively renews GSP.

At this point and time, all that has changed is learning that this legislation both extends GSP and retroactively applies benefits to multiple commodities through the end of 2017.

Instructions regarding refunds and the process to obtain refunds are still pending from the Government. Until further instructions are received from Customs and the programming is in place by Customs to accept duty-free eligibility, these entries will continue to be flagged with the GSP indicator with associated duties collected.

We hope this clarifies things for you. Of course, please do not hesitate to reach out to your Shapiro representative with any questions.

Shapiro will continue to monitor the situation and keep you posted as more developments occur.