GSP Renewal – ACH Refunds

The Generalized System of Preferences (GSP) was renewed in late March and CBP is giving importers the opportunity to receive refunds from overpayment of duties, taxes, and fees electronically via Automated Clearinghouse (ACH).

If already signed up for ACH Refund, refunds will be automatically deposited into your bank account. If you are NOT signed up for ACH Refund, a Treasury check will be sent with the refund, which could come with delays and risks.   Even though instructions for retroactive refunds has not been issued yet, you can get ahead of the game by signing up for the ACH Refund.  When instructions are received and you have signed up for ACH Refund the refund will be issued to your bank account on the Monday following liquidation (liquidations are on Friday).

Signing up for ACH Refund comes with many benefits:

  • Reduces administrative and deposit processing costs associated with receiving Treasury checks.
  • Eliminates lost or stolen Treasury checks.
  • Eliminates fraudulent endorsements on Treasury checks.
  • Reduces the delay in depositing Treasury checks.

If you would like to sign up for ACH Refund, click here.