Costs of GSP Expiration Estimated at More Than $2.5 Million Per Day for US Companies
The expiration of Generalized System of Preferences benefits at the end of 2017 are estimated to cost U.S. companies between $2.5 million and $3 million per day, the Coalition for GSP said on its website. "It is critical that importers…
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continue claiming GSP for eligible products despite the expiration," said the group, which advocates for GSP beneficiaries in the U.S. "Companies must pay the taxes, but claiming GSP now will help expedite any refund process assuming Congress renews GSP retroactively. In the event of a prolonged expiration, it also will ensure that the Coalition does not underestimate costs of expiration, which are based on claimed imports." House Ways and Means Committee Chairman Kevin Brady, R-Texas, recently said GSP renewal is an early priority for 2018 (see 1712210029). CBP provided instructions for GSP filers following expiration last month (see 1712200005).