GSP Program Expires

 In Industry Insider, Trans-Border Global Freight Systems, Inc.

The Generalized System of Preferences program has expired on July 31st.  Efforts to pass legislation to extend the program to September 2015 were unsuccessful. Chances of renewal are not likely at this point since Congress adjourns for its summer recess on August 2nd.

They will reconvene after Labor Day, so importers must pay regular duties on GSP merchandise until the program is reinstated. All entries for imported goods will continue to be submitted with the appropriate special program indicator so that if GSP is renewed retroactively, refunds will automatically be issued to the importer of record by US Customs.