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JAS USA COMPLIANCE

News & Insights from JAS Worldwide Compliance

JAS Forwarding (USA), Inc.

6165 Barfield Road
Atlanta GA, 30328
United States
Tel: +1 (770)688-1206
Fax: +1 (770)688-1229

Congress Announces GSP Set For Renewal
June 25, 2015

On June 25, Congress passed a trade preference package that would renew the Generalized System of Preference. The vote came just a day after the Senate passed a host of trade bills. This bill and several other long-awaited bills will have a significant impact on the trade community. The House and the Senate approved to reauthorize the Generalized System of Preferences through December 31, 2017. The bill has now been signed into law as of June 29, 2015 by President Obama. This action is retroactive to July 31, 2013, the date GSP expired, meaning that importers will be able to obtain refund of duties paid since that date on goods otherwise eligible for GSP treatment.

The Coalition for GSP released the following statement after House passage:

"Final congressional passage of H.R. 1295 makes today a great day for American companies and workers that depend on the Generalized System of Preferences (GSP) program,” said Daniel Anthony, Executive Director of the Coalition for GSP, "After two years of uncertainty and about $1.3 billion in taxes paid, companies once again can focus on growing their businesses knowing that duty-free treatment will resume shortly and taxes paid on GSP-eligible products will be refunded."

To read more on the reinstatement of GSP, click here.  

For more information, please contact your JAS representative.

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Latest News

An announcement was published on July 29, 2020 that user fees within the Consolidated Omnibus Budget Reconciliation Act (COBRA) will take place effective October 1, 2020.  The minimum merchandise processing fee will change from $26.79 to $27.23 and the maximum will change from $519.76 to $528.33.  The ad valorem rate of 0.3464% will not change.  Additional user fees are also increasing.

The Office of the U.S. Trade Representative has announced that 14 products from the Section 301 exclusion list scheduled to expire July 31st will continue to be excluded through December 31, 2020.  Additionally, there are other products on the list that expired on July 31st.  Comments are currently being accepted for three sets of exclusions that are scheduled to expire October 2, 2020.  Comments can be submitted by clicking HERE

On July 14, 2020, the President signed an Executive Order that requires Hong Kong to be treated as the People’s Republic of China (PRC) for the purposes of the Arms Export Control Act (AECA).  Hong Kong is now considered to be included in the entry for China under section 126.1(d)(1) of the ITAR and therefore subject to a policy of denial for all transfers subject to the ITAR.  The U.S. government is taking this action because the Chinese Communist Party has fundamentally undermined Hong Kong’s autonomy and thereby increased the risk that sensitive U.S. items will be illegally diverted to the PRC.

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