Does your company have a viable drawback opportunity?
February 11, 2022
Duty Drawback is a refund from Customs, for 99% of the duties paid on imported materials that are subsequently exported, destroyed or used in the manufacture of exported goods.
Today, only about 25 percent of eligible duty is being recovered. This means that $5 billion dollars goes unclaimed for drawback, and that money might be yours. So, how do you know if you are a candidate for a lucrative duty drawback program?
- You import and export. Excellent!
- How much duty do you pay annually in duties?
- What percentage of your overall sales are exported?
This quick calculation will provide you with a basic estimation of what you may be entitled to recover. But don’t get discouraged if that number is not significant or if you are not an importer and/or exporter. Let’s dig deeper :
- Do you buy items domestically that are imported by your vendor upon which they pay duty?
Let’s find out what kind of duty they are paying on the items that they sell to you and finish the second half of the equation. That duty is getting passed onto you in the cost and with proper support data, you can claim it back once the items are exported.
- What if you don’t export?
- You sell domestically but your customer exports?
Let’s flip the scenario and find out how much of your imported item your customer is exporting. You may have one domestic customer or many, but their export activity can also be used in your drawback program.
- Do you want to learn more?
Join us for our panel discussion on determining how much of that $5 billion dollars might be yours!
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