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In a typical year, 90% of the duty drawback refunds that companies could be receiving are lost due to lack of proper claims. If your company exports goods, you could be eligible for thousands of dollars a year, with the assistance of a qualified duty drawback specialist.
What is Duty Drawback?
Duty drawback is a refund of U.S. Customs duties, Internal Revenue taxes and fees collected upon importation. This program is implemented by Customs following the exportation or destruction of either the imported or substituted product, or the article that has been manufactured from the imported or substituted raw material. The purpose of the duty drawback program, in accordance with Congressional intent, guarantees productivity of U.S. industries in the global marketplace so they can compete with lower-priced exports from trading partners.
Drawback has been established to stimulate and support American commerce and manufacturing. It enables American manufacturers to compete in foreign markets by not requiring them to account for the added expense of the duty paid on imported merchandise in their costs and sales prices.
In most cases, U.S. Customs will refund up to 99% of the original duties and fees paid by the importer. U.S. Customs also permits the claimant to declare drawback on export transactions up to three years prior to export. To receive a duty drawback refund, a claimant does not need to be the importer or the exporter. Rights to duty drawback refunds can be assigned to or from importers, exporters or other persons in the supply chain.
The Duty Drawback statute can be found in Section 1313, Title 19 of the United States Code and is regulated by Parts 191 and 181 of the Customs Regulations.