On June 19, the UK’s new DCTS entered into force, replacing its previous Generalised Scheme of Preferences (GSP) regime. Under the WTO Agreements, developed countries can grant non-reciprocal preferential treatment to products originating in developing and least developed countries, referred to as “special and differential treatment” (S&D) provisions, normally referred to as a GSP. Countries that grant preferential treatment through a GSP determine eligible countries and S&D provisions unilaterally.
Source GlobalVATcompliance
