Duty Drawback entitles exporters of imported merchandise to recover the duties paid on that merchandise if it is exported.
WTDC can help you determine if you can go back and recover duties for exportations already made and can help you calculate the benefits of organizing a Duty Drawback program. Drawbacks can be filed retroactively for three years, and sometimes, the exporter stands to recover thousands of dollars.
The benefits are:
A properly organized audit trail with accurate recordkeeping
An ongoing program for claiming Duty Drawback on future exports
When an importer makes multiple small domestic sales and also sells internationally, Duty Drawback may be the right tool to recover up to 99% of the duties paid. Duty Drawback has been around for many years but fell out of favor with many exporters of imported merchandise because the paperwork and recordkeeping requirements were extensive.
Technology has renewed an interest in Drawbacks. Requirements for recordkeeping have not changed, but because most companies now operate on advanced information systems, analyzing is much simpler. The filing requirements have not really changed either, but with the advent of systems to create and deliver the filings to U.S. Customs, the entire process has become less burdensome and is worth the investment to Exporters.