The UN Convention on Registration of Objects Launched into Outer Space defines a "space object" to include component parts of a space object as well as its launch vehicle and parts thereof. All well and good for keeping track of things floating around in the stratosphere, but what if you made your space object here in the US using imported (read “duty-paid”) components. That space object lifts off, and there go all those dollars in duty payments. Can you get any of that back?
The US government offers businesses the opportunity to recoup the duties they pay on imported goods that are taxed, subsequently exported, and taxed again. An astonishing estimate of $2.5 billion of those monies is unclaimed by businesses eligible for duty drawback.
The basics of a drawback program may appear straightforward, but the complexities of drawback reveal the true potential for significant duty recovery. It is worth taking the time to look when the payback has so much potential.
Topics: Duty Drawback