Companies of whom import and export goods are entitled to receive thousands of dollars as the refund from the government in the form of Duty Drawback claim. Do you know that you can claim up to 99% of the customs duties on the imported products? However, a few know about this drawback availability. Most of the importers are unaware of this fact that they can receive a refund by producing proper documents to the concerned authorities.
These businesses can take the services from the renowned brokers who can facilitate them in filing the forms, depositing the required documents, and getting the claims submitted and paid.
Claiming the Duty Drawback
When it comes to claiming drawback, there is a specific set of rules and regulations that are required to be followed. With that said, these tend to be so complicated that a Broker is always the recommended method to use in order to maintain compliance while maximizing refunds. Below is the complete procedure to complete your duty drawback claim:
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Eligibility: In order to complete a drawback claim, the claimant must be the owner of the goods when they were exported from the country. If they have paid the customs duty on the imported products, then they become the real claimant of the refund.
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Required Documents: If the claimant wants the 99% of the Duty Drawback claim then they have to produce the proof for the unused, rejected or destroyed products. The importers need to produce the documents like Certificate of delivery, Drawback Entries, Certifications of the exporters on the evidence of exportation or bills of lading, Certification by the manufacturer. They also need to produce the Notice of Intent to destroy, export or the inventory that has been returned for claiming the drawback.
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Customs Forms Used to File the Drawback: Since February 2019, drawback claims have been filed electronically in CBP’s Automated Commercial Environment (ACE), so the old paper Customs Form 7551 is no longer used. The claim goes in electronically, backed by the documents stated above. For getting the quick refund, the parties can also fill the CBP Form 301 that provides the refund within four to six weeks time.
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Opt for the Electronic Claim Submission Process: If the importers are not well-versed with the rulings of the government then they can take the services from the brokers who possess enough experience in this field. The broker will file the forms electronically and submit the requisite documents in order to help them to receive the claim fast.
Conclusion
Finally, to speed up the process of receiving the Duty Drawback Claim, the consignee parties can take the services from the professional Brokers who have enough experience in this field. If you are new to the latest process of claiming the Duty Drawback from the U.S. Government, then CITTA Brokerage experts here can support you in this procedure. For more information and quotes, the parties can reach out to us through https://www.cittabrokerage.com/ and take the advice of our experienced specialists.
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