Generalized System of Preferences (GSP)
The Generalized System of Preferences (GSP) provides duty-free treatment to goods of designated beneficiary countries. The program was authorized by the Trade Act of 1974 to promote economic growth in the developing countries and was implemented on January 1, 1976.
On Friday, March 23, 2018, the President signed into law H.R. 1625 (Public Law 115-141), the “Consolidated Appropriations Act, 2018,” which in addition to providing full-year federal appropriations through September 30, 2018, extended GSP with retroactivity, for goods entered or withdrawn from warehouse for consumption from January 1, 2018 through December 31, 2020. The new law, effective April 22, 2018, also provided for the retroactive refund of all duties (without interest) to the importer of record (IOR) on GSP-eligible goods entered during the January 1, 2018 through April 21, 2018 lapse period.
For detailed information on the full release, click here.
For any entries handled through South East World Wide, Ltd., take note that all of the merchandise that is eligible for GSP duty free entry, has been identified by the lines marked with "A" on the CBP7501 Entry Summary. Because the GSP program expired on 12/31/17, the full duty amount must be paid at this time. SEWW is monitoring all affected entries, and will ensure refunds are issued.