Every year, $3-5 billion of duties, taxes, and fees eligible for duty drawback go unclaimed. This unclaimed amount has doubled in the past three years due to the imposition of the Section 301 Tariffs (China).
Before the 301 duties were imposed in 2018, the argument for drawback was less compelling given the complexity and labor-intensive nature of the claim. But new technology radically simplifies the way duty drawback claims are prepared for filing with a drawback broker, and lowers the work effort and cost to the filer.
Post-2018 the calculus for importers and exporters has changed dramatically; thus, duty drawback is a great way to legally reclaim potentially significant import duty-related costs.
In this ebook, we present why importers and exporters should seriously explore whether duty drawback is feasible, and if the potential recovery warrants their efforts. We will cover: