- Customs duty refunds may be available for overpaid duties or through special programs like duty drawbacks.
- Pursuing refunds can help businesses recover funds and improve cash flow.
- Work with a trusted advisor to navigate the refund process.
- Duty refunds and drawbacks can reduce expenses and enhance trade strategies.
- Duty drawbacks apply to goods exported or destroyed in the same condition as imported.
- The U.S. Duty Drawback Program allows recovery of up to 99 percent of duties on exported or destroyed goods.
- Two types of duty drawbacks are Unused Merchandise Drawback and Manufacturing Drawback.
- The Trade Facilitation and Trade Enforcement Act modernized the drawback program.
- To claim a duty drawback, file a claim with U.S. Customs and Border Protection using the Automated Commercial Environment.
- For overpaid duties, begin a refund claims process.
Source: aprio.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
