GSP – To Be Reinstated July 29 2015 (retroactive refunds applicable) : Sanders Brokerage

GSP – To Be Reinstated July 29 2015 (retroactive refunds applicable)

Posted by stevelsanders98230 on Tuesday, July 21, 2015 · Leave a Comment

Note to Importers — GSP (The Generalized Systems of Preference) has been re-enacted back into law and will become effective on July 29th 2015. Following is a synopsis taken from Customs (CBP) website: On June 29, 2015, President Obama signed into law a bill (H.R. 1295), that reauthorizes the Generalized System of Preferences (GSP) (which expired on July 31, 2013) through Dec. 31, 2017. Under the new law, duty reductions under the GSP program will begin 30 days after the law is enacted, which is effective July 29, 2015. H.R. 1295 also extends duty reductions retroactively for any goods entered in between July 31, 2013, and the effective date. This excludes goods that entered from Russia, which formally graduated from the GSP program on Oct. 4, 2014, and any other countries that are no longer eligible for GSP benefits, such as Bangladesh.

Accordingly, filers shall be entitled to file GSP-eligible entry summaries, utilizing the Special Program Indicator (SPI) “A,” “A+,” or “A*,” without the payment of duty for shipments entered or withdrawn from warehouse for consumption effective July 29, 2015.

Goods entered between July 31, 2013 and July 29, 2015 “shall be liquidated or re-liquidated” as though they had entered before the program expired. A process is in place by which importers can claim their duty refunds by filing a request for liquidation or re-liquidation with CBP within 180 days of enactment (by December 28, 2015). Then CBP would refund the duties not later than 90 days after liquidation or re-liquidation.

U.S. Customs and Border Protection (CBP) will begin processing for entries filed via the Automated Broker Interface (ABI) with the Special Program Indicator (SPI) “A,” “A+,” or “A*” for duties deposited on GSP-eligible goods during the lapse period from August 1, 2013 through July 28, 2015. Therefore, no action is required for such entries filed with SPIs “A,” “A+,”, or “A*” during the lapse period described above.

For un-liquated ACE entry summaries where no SPI was transmitted, retroactive GSP claims must be made via post-summary correction, where applicable, i.e., if the entry meets the time requirements for PSC filing and the Congressional December 28, 2015 deadline.

All other requests for refunds must be made in writing by December 28, 2015 and must contain sufficient information to enable CBP to locate the entry. To expedite the refund, CBP recommends that the request indicate the entry number, line number, and requested refund amount. Any amounts owed by the United States pursuant to the liquidation or re-liquidation of an entry will be paid, without interest.

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Value Information Tips

When you ship or send goods to the U.S.A., the question of "valuation" may arise. What you need to know is that the issue of how to value your goods for export to the U.S.A. are part of a very complex law in our U.S. Customs Regulations (CBP).
The U.S. valuation law is very similar to the valuation law first developed and implemented by Canada Customs. The basic bottom line concept on most imports deals with the goods being valued (appraised) at the actual transaction value. That is, the price paid or payable for the merchandise. Transaction value is commonly used in arms length (unrelated) sales where a specific relationship did not impact the price paid or payable for the goods.
The term Related means within the sale of the goods, that actual family relations are involved, or that there are mutual owners in the selling company and purchasing company. CBP feels that family relationship or mutual owners in the seller and the buyer could impact the value paid or payable for the goods..
In related sales, transaction value can still be used, provided it can be proven (via a test case) that the relationship did not impact the price paid or payable for the merchandise.
Further protocol flow of the valuation law is a bit more complex and deals with terms and concepts such as "Transaction Value of Identical or Similar Merchandise", "Computed Value", "Deductive Value", and "402f" (Customs last method of appraisement) when other valuation concepts determined.
The bottom line in this law is making sure that the U.S. Government is receiving it's full amount of duty money's and fees. Undervalued importations could result in a loss of revenue to the U.S. Government to which the government could pursue full reimbursement and penalty actions.
Please remember that declaring a proper value on your shipment for U.S. Customs purposes is a matter of law.

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