Generalized System of Preferences (GSP)

 

GSP (Generalized System of Preferences) issued by export processing Bauru:

GSP

The United states instituted GSP on January 01, 1976 as a means of promoting growth in the developing countries through preferential access of their exports to US market, it provides for duty free entry in the us for some 5000 products of 122 countries.

Bangladesh was entitled to enjoying GSP facility from 1980 to USA but the US suspended GSP facility to Bangladesh after Rana Plaza disaster in 2013. They can’t fulfill there 16^th conditions, on grounds of poor workplace safety and labor rights.

Bangladesh enjoys Generalized Scheme of Preferences (GSP) status in 37 countries (28 EU member states, Australia, New Zealand, Norway, Switzerland, Japan, Turkey, Canada, Russia and Belarus). GSP provides exporters with reduced or zero duties when exporting seafood products.

GSP CERTIFICATE

•  Who pays duties? Most duties are paid by the importer. Export duties are paid by the exporter.
•  What are taxes? They're government fees placed on purchased goods coming into a country (imported). Even though the goods have been purchased abroad, this consumption tax still applies and must be collected by customs when goods enter a country. 
•  What types of taxes are there? Sales tax, value-added tax (VAT) and goods and services tax (GST) are practically the same thing, however the name and rate varies by country. Example tax rates can be 0%, 10%, 20% or more, depending on the country and product. 
•  Who pays taxes? Taxes are usually paid by the importer.

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