Webinar Invitation: DUTY DRAWBACK 101
How to use it to get money back from the U.S. government.
Watch our new 12-minute webinar:
In this informative webinar, Tracy Hudak will introduce you to the concept of Drawback and how to use it to get money back from the U.S. government.
What is Drawback?
Drawback is a refund from Customs for 99 percent of the
duties paid on imported materials that are subsequently exported, destroyed, or
used in the manufacture of exported goods. Drawback also helps companies bolster their competitive
advantage. A U.S. company can more effectively compete with foreign
corporations for business abroad by ensuring that it does not have to include
import duties in its costs.
Today, only about 25 percent of eligible duty is being
recovered from the U.S. government. Last year, an estimated 1 billion dollars
was claimed in Drawback. That means about 3 billion dollars goes unclaimed
for
Drawback, and that money may be yours.
3 Types of Drawback:
While there are many intricacies to the drawback process,
we’ll cover the three main types of Drawback:
- Unused
Merchandise Drawback
- Rejected
Merchandise Drawback, and
- Manufacturing
Drawback.
About ITM:
ITM was founded in 1982 to provide hands-on services to companies involved in international trade. We specialize in Drawback, Tariff Classification, Free Trade Agreement Support, and Customs Compliance audits. We understand the complex regulations imposed by U.S. Customs and Border Protection, and we know how to work within their parameters. ITM has helped hundreds of companies recover some of the billions of dollars of refundable Drawback that goes unclaimed.
