Duty drawback allows companies to recover up to 99% of duties and fees paid on imports which are subsequently exported or destroyed. Effective August 7, Customs and Border Protection (CBP) is removing some of the documentation requirements used to establish proof of exportation for drawback claims.
Topics: Duty Drawback
Duty drawback is the refund, reduction or waiver of customs duties assessed or collected upon importation of an article or materials which are subsequently exported or destroyed. Duty drawback is an opportunity for companies to recover expenses from taxes and other fees collected during the import process. Drawback allows companies to recover up to 99% of duties paid on qualifying U.S. imports. These duties include normal customs duty, internal revenue taxes and marking duties. So how do you know if your product qualifies for duty drawback?