GSP To Be Renewed Retroactively and Other Major Trade Legislation To Be Reinstated

H.R. 1295 – the Trade Preferences Extension Act of 2015 (the “Act”) has been approved by Congress on June 25,2015 and was signed by the President on June 29,2015. The Act will renew the Generalized System of Preferences (GSP) preferential duty program, which expired on July 31, 2013. It will be reauthorize through Dec. 31, 2017.  The renewal will be retroactive, GSP Eligible Merchandise entered between July 31,2013 and the effective date of the law will be eligible for duty refunds.

Customs will need to review refund requests covering almost two years of entries, refund delays can be expected.

We will keep everyone informed once we receive the publication from customs regarding the subject renewal of GSP.

To read more about H.R. 1295 please click on the link below:

https://www.congress.gov/bill/114th-congress/house-bill/1295/actions

http://www.gop.gov/bill/h-r-1295-trade-preferences-extension-act-of-2015/

Other Sources:

http://www.strtrade.com/news-news-congress-approves-trade-legislation.html