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Generalized System of Preferences (GSP)
Source
American Shipper
Post Date
12/31/2020

Effective Jan. 1, customs brokers will need to obtain and pay duties from importers for merchandise that had been eligible for duty-free treatment from nearly 120 designated beneficiary countries and territories. CBP is expected to issue instructions advising importers, through their customs brokers, to flag GSP-eligible imports with the applicable special program indicator but to pay the appropriate normal trade relations (column 1) duty rates until the trade programs renewal. Similar previous expirations, the NCBFAA expects that when Congress renews GSP it will provide for retroactive refunds and CBP will automatically refund duties for GSP-eligible goods submitted via ABI.


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