Hello Friends. Just a reminder that billions of eligible drawback dollars go unclaimed each & every year here in the US. Yep..…you heard that right. In this new year and tough economy, we should be looking at every opportunity to positively impact the bottom line. If you haven’t established a duty drawback program, there is no better time than the present. Understanding and effectively utilizing duty drawback is crucial for automotive OEMs to thrive in the face of global competition.
In the world of international trade, Canadian businesses often face the challenge of navigating customs duties, which can significantly impact their overall profitability. Fortunately, the Canadian Duty Drawback program offers a valuable opportunity to recover these duties and boost financial well-being. This program, often overlooked by many businesses, holds immense potential for companies that regularly engage in import and export activities.
Congratulations, you’ve successfully transmitted a Duty Drawback claim to U.S. Customs and Border Protection! Whether this is your first claim or just one of many, an accepted claim feels like an accomplishment, especially given the complexity of the Modernized Drawback regulations. At this point, many traders may believe their part is over and it’s time to sit back and collect the refund, right? Well, maybe not. Picture this… while (patiently) waiting for your refund, you receive a CBP Request for Information, also known as a CF28, and a notification letter from a CBP Drawback Specialist that your claim requires additional information to be processed, in the form of a Full Desk Review (FDR) - three words that strike fear into even the most seasoned trade professional. Now what?
Topics: Duty Drawback
As anyone working in the logistics and shipping industry knows, the major barriers to importing goods into the United States include duties, taxes, tariffs, and complying with certain government regulations. Luckily, there are ways that businesses can overcome these obstacles and stay competitive and compliant in the global marketplace.
On May 3rd, the United States Trade Representative (USTR) issued a notice requesting comments from US domestic industry regarding the extension of Section 301 duties originally imposed in July and August 2018. The request for comments is directed at US domestic industries that have benefited from the Section 301 action, which imposes additional duties on products that are country of origin China.