Whereas duty drawback remains an attractive option for companies to recover duties paid on imported goods that are subsequently exported, the drawback provisions found in the Trade Facilitation & Trade Enforcement Act of 2015 (TFTEA) raised the bar on how filers can qualify for a duty refund. With updates published in “Modernized Drawback” (19 CFR Parts 181, 190 & 191), filers of all types know that the level of detail they must now provide in support of a drawback claim is considerably greater.
Filers have also discovered that TFTEA has not made their job, the preparation of data needed by their drawback broker, any easier. The validation of data across multiple sources, from ERP to ACE to Broker data has become more complex, even for the simplest of entries. Add in the additional requirement for inventory lots (J1) or Bills of Material (Manufacturing), the difficulties related to data compound, creating a level of complexity that most organizations are not capable of overcoming.
In recognition of the above, 3rdwave is conducting a 3-part Webinar Series entitled, “Duty Drawback in the TFTEA Era: Three Solutions to Three Very Specific Challenges”. During each webinar, we will focus on one especially demanding data challenge associated with a specific type of drawback entry and then explain how 3rdwave’s drawback software solution helps to alleviate the burden of manually mining, aligning and refining data requirements.
3rdwave is on a mission to make you, the trade compliance professional, a superhero within your organization. It is our goal to enable you to maximize the amount of duties, fees, and taxes that are available for drawback and get it back into your company’s coffers, while minimizing the amount of work that you are required to do.
In our final webinar in this series, we will discuss how to maximize your drawback claim while building a highly productive relationship with your drawback broker. Invariably, the better you are at organizing and validating your company’s internal and external supply chain data, the better you will be able to support a variety of drawback claim options and, in turn, provide the required data to your broker in a format that enables them to do their job efficiently and expediently.
Register for Part 1: Manufacturing Substitution Drawback and Bills of Material
Register for Part 2: Unused Merchandise Substitution Drawback and the “Other, Other” Problem
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