Good news for importers from GSP eligible countries, President Obama signed into law the reinstatement of GSP earlier this week. The formal renewal date of GSP will be July 29, 2015. It will be retroactive to July 31, 2013. Those who have eligible entries dating back to July 31, 2013 will have the opportunity to claim back duties
There is a catch this time around for getting back duties resulting from GSP claims. In previous instances of GSP expiration, Customs automatically processed the refunds once GSP was renewed. This time around, Customs will not be performing the refund automatically. Your Customs Broker will have to request the duty refund for each eligible entry. Customs has not yet issued instructions on how this process will be performed. We do expect to receive instructions in the coming weeks.
Depending on difficult the process will be, it could takes us some time process all the GSP refunds. I will keep everyone updated.
Wishing everyone a happy 4th of July!
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