Dreaming of your Tariff Refunds when GSP is reinstated?

A quick update on recent good news on U.S. imports from emerging markets:

1. Congress reauthorized through July 2013 the Generalized System of Preferences (GSP) program. This means that eligible exports from 129 developing countries will begin to enter the U.S. duty-free.

2. Congress passed Free Trade Agreements with Colombia, Panama, and Korea. That means that, depending on the product, two-way trade with each of these countries will be free of duties. Other positive changes will affect services, investments, protection of intellectual property, and all other aspects of trade.

3. Congress also reauthorized the Andean Trade Preferences Program, which now will affect only products from Ecuador.

4. Our friends at U.S. Customs and Border Patrol have kindly shared early words on how to get your refunds:

GSP will be officially reinstated 15 days after the President signs the bill – anticipated to be early this week.  U.S. importers who made the claim during the hiatus will receive their refunds automatically. For those U.S. importers who did not make the claim of GSP during the lapse:

a. should file post entry amendments (PEAs) if they use the Automated Commercial System (ACS); or

b. should file Post Summary Corrections (PSCs) if they use the newer and smaller Automated Commercial Environment (ACE).

These procedures are the same as they would be to make any other change prior to liquidation. The PEA and PSC refund procedures will be noted in a memo that Customs will soon issue to announce the reinstatement of GSP.

If you have any questions, please let us know!

This entry was posted in Duty-free preferences and tagged , , , , , . Bookmark the permalink.

2 Responses to Dreaming of your Tariff Refunds when GSP is reinstated?

  1. I am now not positive where you are getting your info,
    but good topic. I must spend a while learning more or working
    out more. Thanks for fantastic info I used to be looking for this info for my
    mission.

  2. whoah this weblog is great i really like reading your posts.

    Keep up the great work! You already know, a lot of people are hunting round for this info, you can aid them greatly.

Leave a Reply to corning stock Cancel reply

Your email address will not be published. Required fields are marked *

* Copy this password:

* Type or paste password here: