Generalized System of Preferences (GSP) Extends Deadline to File through
May 3, 2012
American Government late with reimbursements from the reinstated GSP after its
one year lapse; steel importer, Container Technology International has learned that the deadline to file for GSP relief has been extended to May 3, 2012.
For Immediate Release:
New Orleans, Louisiana, April 23, 2012 –
For companies that hadn’t declared their entitlement to GSP
reimbursements on shipments during the year of the lapse, the extension
to file would be great news. Also, importers that had not received all
expected refunds by the end of January 2012 are able to file a
retroactive claim at the port of entry by that May 3 deadline. Says
Robbie Evans, President of Con-Tech International, “The extension to
file for the year doesn’t affect Con-Tech because we had made all of our
claims on the original import declaration forms, and have been informed
that our last shipment reimbursement will arrive this Friday, April 27,
2012.” The Government hadn’t fulfilled retroactive reimbursements that
were necessary from the GSP lapse since December 2010.
The GSP is an important program for many small businesses, which
promotes economic growth in developing countries by granting eligible
products duty-free treatment, and creates or keeps American jobs. This
special treatment allows a country exporter to compete on world markets.
According to the office of the U.S. Trade Representative, GSP eligible
goods help to create over 82,000 jobs (2005 study from U.S. Chamber of
Commerce), and without the payments American manufacturers would have to
layoff significant numbers of American workers. “Waiting for much
needed money can be detrimental to small businesses. In Contech’s case
it’s approximately $26mil of steel products that are imported under the
U.S. Generalized System of Preferences. We’ll finally be able to close
the books on last year’s claims,” added Mr. Evans.
U.S. Customs reported that it would mail the first batch of refund
checks for goods claiming GSP benefits on December 23, 2011 to companies
whose claims were previously submitted, and that it should only take a
couple weeks to mail all checks. Unfortunately, not all the claims had
been reimbursed, but companies are allowed to re-file by the new
deadline for those that have not been reimbursed.
To find out more about the U.S. Generalized System of Preference (GSP),
Robbie Evans, President
1046 Annunciation St., New Orleans, LA 70130 USA