GSP Expires 7/31/2013
The Generalized System of Preferences (GSP) is set to expire on July 31, 2013. The GSP provides duty free treatment to certain commodities from many countries – the Philippines, Turkey, Thailand, Indonesia, India, and many others.
At this time, there is no information as to whether the Congress of the United States will renew the GSP, whether there will be a lapse in coverage or, if the program is renewed, whether it will be renewed retroactively.
If Congress fails to take up this legislation prior to July 31, importers who normally enjoy duty free importations due to GSP provisions will be required to pay duties on their imported commodities. If Congress renews the GSP retroactively, any paid duties will be refunded to the importer of record by Customs and Border Protection.
Please note: Any importers claiming preferential duty treatment for their products under the provisions of the GSP or any other Free Trade Agreement must make sure to have the proper documentation to support that claim.
For further information on this issue, please see: