Sri Lanka GSP benefits extended by US

Courtesy: Daily Mirror

Lanka Business Online
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President Barak Obama has signed a law extending temporarily halted generalized system of preferences (GSP) trade concessions to Sri Lanka till July 31, 2013 the US embassy said.

The concessions will become effective from November 05 and GSP benefits will also be available retroactive from January 2011.

"As the GSP program was renewed retroactively, Sri Lankan exporters will be reimbursed for tariffs paid during the gap period," the US embassy in Colombo said in a statement.

"Exporters who filed their entries electronically used the appropriate special programs indicator (SPI).

"For entries made without using the SPI, exporters should request refunds of duties deposited."

The embassy said requests should be made in writing to Customs and Border Patrol (CBP) within 180 days or by Wednesday, April 18, 2012.

In some cases, given the anticipated volume of requests, duties collected may take up to 90 days to process and refund retroactively.

More information could be found at the Customs and Border Patrol website, the embassy said.

© LBO