Ex­ten­sion of the U. S. Gen­er­al­ized Sys­tems of Pref­er­ence ( GSP)

Thai-American Business (T-AB) Magazine - - Legal Updates -

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.

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