GSP saved American companies $894 million in 2017, an increase of nearly $30 million from past estimates. The new estimates are based on revisions and updates from the U.S. Census Bureau published in June and August, and details on some of the increases are below. Even before upward revisions, U.S. companies’ tax benefits from GSP...
Continue readingGSP benefits have been back in place for two months, though companies continue to wait for refunds of tariffs paid during the expiration. The map below shows the overall value of imports claiming GSP (in blue) and eventual tax savings (in red) by state from the first four months of 2018. Nearly all of these...
Continue readingAs of today, GSP is back in effect and importers no longer must pay tariffs on new import shipments claiming GSP. CBP will begin the process for issuing automatic refunds to products that claimed GSP during the lapse. CBP published a formal Federal Register notice Friday with details. Information on requesting refunds for products that...
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