President Signs Retroactive GSP Renewal

On June 29, 2015, President Obama signed the Trade Preferences Extension Act of 2015, reinstating the Generalized System of Preferences (GSP). The newly signed legislation will extend the GSP, retroactively applying benefits to eligible commodities, through December 31, 2017. The reinstatement of the GSP will entitle shippers from nearly 120 designated GSP countries to refunds for duties paid on goods imported since July 31, 2013.

Instructions regarding refunds are ambiguous at this point. However, interested parties should note that requests need to be filed within 180 days of the GSP renewal date. Comments or questions regarding GSP renewal can be submitted until July 31, 2015 through using the docket number USTR-2015-0007. The CBP is expected to issue more concrete instructions regarding refunds later this month in the Federal Register.

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