Every Year, Ninety Percent of Potential Duty Drawback Revenue Goes Unclaimed.
With trade becoming increasingly global, and much manufacturing continuing to move offshore, companies are facing new costs and challenges. Savings on labor are offset by increased costs of transportation – and import duties.
But if any of your goods containing imported components are re-exported, you may be eligible for a refund. This is duty drawback, and there are many possible avenues to claim your piece of this pie. Established as far back as 1789, this Federal program aims to help American manufacturing and commerce compete in foreign markets.
U.S. Customs will refund up to 99 percent of duties paid, and your company need not be the actual importer or exporter of the qualifying merchandise, as long as the necessary requirements are met. Of course, duty drawback is a government program, so there is red tape to deal with, and arcane regulations, and all the documentation must be prepared their way, with all the forms filled out to bureaucratic specifications. Handling this in-house is a little like representing yourself in court.
The Duty Drawback Statute allows companies three years to look back and claim drawback on duties and fees paid, so the clock is running. Are you eligible to receive this check from the government? In a typical year, 90 percent of potential duty drawback revenue goes unclaimed. It’s the equivalent of not filing a tax return when you are owed a substantial refund.
Don’t leave this money on the table. If your company has significant involvement in re-exporting, let experienced duty drawback professionals review the dollars you could earn through this program, and have the government pay you, for a change.
'Flex'-ing its Muscles 2 -
2 weeks ago