Georgian exports to U.S. to be taxed
By Nazrin Gadimova
The U.S. Generalized System of Preferences (GSP) for Georgia and other countries expired on July 31 and goods exported from Georgia to the United States will be subject to non-preference tax from August, the Georgian Ministry of Economy said.
"A legislative act has been developed by the chairmen of the subcommittee on trade and the Committee on Appropriations of U.S. House of Representatives on July 17, which provides the prolongation of the GSP by September 30, 2015, on so-called "retrospective force". In case the GSP is updated, exporters will be able to receive back the amount paid in import tariff," the ministry reported.
Thus, the trader will fill in a special "indicator" column in the customs declaration, by underlining "A" to receive back financial costs for goods exports from Georgia to the U.S.
The U.S. Generalized System of Preferences is a program designed to promote economic growth in the developing world by providing preferential duty-free entry for up to 5,000 products when imported from one of 127 designated beneficiary countries and territories. GSP was instituted on January 1, 1976, by the Trade Act of 1974.
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