Extension of the U. S. Generalized Systems of Preference ( GSP)
U. S. President Barack Obama signed the Trade Preferences Extension Act on June 29, 2015 essentially authorizing the extension of the U. S. GSP, from which duty preferences had been halted since the graduation of the last extension on July 31, 2013. Once the Act has entered into force, the U. S. will once more start granting GSP duty preferences for eligible goods from almost 120 beneficiary developing countries, including Thailand. The extension will take retroactive effect from July 31, 2013. U. S. importers who imported eligible products from beneficiary countries including Thailand, and who have paid duties at the normal rate, can claim for a refund of duties. The GSP extension will take effect 30 days after it is enforced, and will be valid through December 31, 2017.
For more information contact PWC at paul. sumner@ th. pwc. com.