Finanse publiczne · 03/09/1997

Renewal of the Generalized System of Preferences

The Generalized System of Preferences (GSP) is a renewable preferential trade program that allows the eligible products of designated developing countries to directly enter the United States free of duty. The GSP program expired on May 31, 1997, but has been renewed, effective August 5, 1997, with retroactive effect to June 1, 1997, by a provision in the Budget Reconciliation Tax Act of 1997. This document provides notice to importers that Customs will begin processing refunds on all duties paid, with interest from the date the duties were deposited, on GSP-eligible merchandise that was entered on June 1, 1997, through August 4, 1997, and that Customs will accept claims for GSP duty-free treatment for merchandise entered, or withdrawn from a warehouse, for consumption on or after August 5, 1997, through June 30, 1998, the provisions current legislative sunset date.