​GSP Renewal Now Underway

On February 8, 2018, Rep. David Reichert (R-WA-8) and eight (8) other congressmen introduced H.R. 4979 into the House of Representatives to renew the Generalized System of Preferences ("GSP") for a period of three (3) years. H.R. 4979 was referred to the Ways and Means Committee and must now move through Congress and be signed by the President (assuming Congress approves H.R. 4979). 

H.R. 4979 is a significant step toward renewal of the GSP program, which lapsed on December 31, 2017. The lapse has, at least for now, cost many importers significant money as imports that were previously duty-free have become dutiable since January 1, 2018. Importers who have previously used (or intend to use) GSP should keep an eye out for an eventual renewal of GSP. Importantly, H.R. 4979 provides for retroactive renewal of GSP, making it important that importers of GSP eligible merchandise continue to use the A, A* or A+ Special Program Indicators on their imports to facilitate the anticipated future refund process(Source: NCBFAA NEI)
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