The Generalized System of Preferences (“GSP”) was renewed last Friday as part of the omnibus spending bill signed by President Trump. The bill renewed GSP through December 31, 2020. The renewal, which will take effect on April 22, 2018, will apply retroactively to all entries made from the date on which GSP last expired. Thus, all merchandise entered between December 31, 2017 and April 22, 2018 that was otherwise qualified for duty-free entry under GSP will be eligible for a duty refund. We expect U.S. Customs and Border Protection (“CBP”) to issue a directive in the near future providing for the refund procedures and will forward this information to the membership upon receipt. In the past, CBP has automatically processed refunds for all entries that contain the GSP special programs indicator (“SPI”); therefore, brokers should continue to add the SPI to entries of GSP-eligible merchandise.
