Simply put, duty drawback (or just simply “drawback”) is the refund of certain duties – or fees – which were originally collected upon the importation of goods. Many companies don’t know about duty drawback, which means they are missing out on thousands, or even millions, of dollars in potential refunds. Drawbacks are regulated by U.S. Customs and Border Protection (CBP), and there are various types of drawbacks available for various goods.
Obtaining a drawback is not as straightforward as it may sound. However, a careful analysis of your import/export transactions could yield substantial refunds, provided that you are eligible to receive such drawbacks. This may be worthwhile if your company:
- Has a significant track record of import/export transactions
- Imports items which are then manufactured and exported for later use
- Has unused merchandise which is exported or destroyed under Customs supervision
- Has imported rejected or defective merchandise / goods
Our team of U.S. Customs experts can analyze your transactions and help you determine if duty drawbacks will apply. Then, we can guide you through the forms and paperwork needed to claim your refund. Contact us today for a no-charge consultation and analysis.