In a typical year, 70% 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 in duty refunds a year, with the assistance of a qualified duty drawback specialist.
Duty drawback is a refund of U.S. Customs duties, Internal Revenue taxes, and fees collected upon importation. 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.
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 dollars can be assigned to or from importers, exporters or other parties in the supply chain.
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