GSP Officially Retroactively Renewed through December 31, 2020
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GSP Officially Retroactively Renewed through December 31, 2020
Posted on Mar 27
The omnibus spending bill signed by President Trump last week included renewal of the Generalized System of Preferences that expired on December 31, 2017. In addition to renewing the program effective April 22, 2018 through December 31, 2020, it allows for retroactive treatment of GSP eligible goods flagged with the SPI indicator “A” imported from January 1, 2018. Customs and Border Protection will issue refunds to importers who deposited duties on GSP eligible goods since the expiration. If you have any questions about this process, please contact your V. Alexander account team.