Welcome to Comstock & Theakston, Inc.Did you know that in a typical year, 90% of the duty drawback refunds that companies are eligible for remain unclaimed and are ultimately—lost? If your company exports goods, you could be recovering thousands of dollars a year with the help of a qualified duty drawback specialist. What is Duty Drawback?Duty drawback is the refund of U.S. Customs duties, Internal Revenue taxes, and fees that have been lawfully collected at importation. The program is administered by Customs after the exportation or destruction of either the imported or substituted product or the article that has been manufactured from the imported or substituted raw material. The establishment of the duty drawback program, and the legislative policy underlying the program, is to ensure the competitiveness of U.S. industry in the global market when competing against lower-priced exports from our trading partners. The rationale for drawback has always been to encourage American commerce and manufacturing. It permits the American manufacturers to compete in foreign markets without the handicap of including the duty paid on imported merchandise in their costs, and consequently in their sales price. In most situations, U.S. Customs will refund up to 99% of the original duties and fees paid by the importer and will allow the claimant to reach back and claim drawback on export transactions that are up to three years old. You need not be the importer or even the exporter in order to receive a duty drawback refund. Rights to duty drawback dollars can be assigned to or from importers, exporters or other parties in the supply chain. The Duty Drawback Statute is found in Section 1313, Title 19 of the United States Code and is regulated by Parts 191 and 181 of the Customs Regulations. |
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