This is the last week to enjoy the NYC Met Museum’s “China
Through the Looking Glass” exhibit with incredible fashions done in
collaboration with the Costume Institute. It’s not to be missed!
Monday, August 31, 2015
Friday, August 7, 2015
Have You Heard That GSP is Back?
The Generalized System of Preferences (GSP) allows for the duty-free treatment of certain goods imported directly from designated beneficiary countries for specific periods of time.
While the GSP had expired on July 29, 2015 it was renewed through December 31, 2017, with a retroactive application between August 1, 2013 and July 28, 2015.
This means that US Customs is now accepting claims for GSP duty-free merchandise when imports are entered into the US and they are now processing refunds on duties paid, without interest, on merchandise entered during the period that the program had lapsed (i.e., between August 1, 2013 and July 28, 2015) where entries had been filed electronically. Customs is therefore, automatically liquidating, or reliquidating, eligible formal and informal entries made during this lapsed time.
Where entry had not been made electronically however, including entries made by mail, or those by travelers, requests for liquidation must be made by December 28, 2015 pursuant to the procedures set forth in US Customs website under the "GSP Refund Process."
The good news is that now entry filers can resume filing entry summaries without the payment of estimated duties on GSP eligible entry summaries. It's also good for those planning importations as realistic price and other projections can be made for, at least, the short term through 2017.
Questions/comments? Feel free to post below.
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