Duty Drawback is a refund of customs duties, taxes, and fees paid on imported goods that are subsequently exported or destroyed under U.S. Customs and Border Protection supervision.
Duty Drawback is a financial incentive provided by customs authorities to encourage export activities and promote international trade. Importers can claim a refund on duties paid for goods that are either re-exported in the same condition, used in the manufacturing of exported products, or destroyed under customs supervision. The process involves submitting detailed documentation to prove that the goods qualify for the drawback, including import and export declarations and proof of payment of duties. Properly utilizing duty drawback programs can significantly reduce costs for businesses engaged in importing and exporting activities. Companies must ensure compliance with all regulations and maintain accurate records to benefit from this program effectively.
Duty Drawback