Geo. S. Bush & Co., Inc. News Bulletin

Generalized System of Preferences (GSP) Due to Expire September 30, 2001

The Generalized System of Preferences (GSP) is scheduled to expire September 30, 2001. GSP allows for duty free status of many products from developing countries worldwide. This program was most recently renewed on December 17, 1999 for a 27-month period of July 1, 1999 to September 30, 2001. Members of Congress are currently searching for a vehicle to renew this program. At this late date, we fully expect that this program will expire.

Please note that although certain products are GSP eligible according to the Harmonized Tariff Schedule, importers will be required to pay the regular duty rate (Column 1) on shipments arriving on or after Monday, October 1, 2001. In previous years, this program has been renewed retroactively. Hopefully, Congress will repeat this practice soon. During the expiration period, we are able to designate your products as GSP eligible, although dutiable at time of entry. When and if the program is renewed retroactively, we can then make the appropriate request for a refund of duties paid.

We look forward to providing the high level of service you expect from our firm as we help you work through this change. As always, we value your business and welcome your comments.

If you have any questions, please do not hesitate to call your Geo. S. Bush & Co., Inc. representative.