How to Ensure You Get the Best Duty Drawback Services
How to Get the Best Duty Drawback Services?
Duty drawback services form the crux of all trading activities across the border. It has been in force since 1980, and has been universally upheld at all ports across the United States. Among other necessary legal activities, drawback services include facilitating the drawback refund amount to their client when drawback is due to be recovered.
Duty drawback rules state that there is an allowance that the business looking to recover drawback is able to instantly recover 99% of duties, taxes and other levies charged by the U.S. government during any international trade activity. In order to get back the paid duty, a trader will have to claim for the same items imported and then exported within three years of shipment of goods in the U.S. Then, the brokerage representing the business upon import and export, would then file the claim on behalf of its client.
Every business engaged in foreign trade and international business should have complete knowledge about how to fulfill the legal formalities before filing claims for duty refunds. Otherwise, any discrepancy in such claim will be rejected. That’s why it is always necessary for these businesses to hire a expert consultants and get duty drawback services completed on their behalf as their representing company.
When Can Traders Claim for Duty Drawback?
It should be noted here that a trader pays various kinds of fees in the form of payment as duty or taxes during loading and unloading of goods from sea ports. These payments straightaway go to the US government’s treasury and are held until further drawback recovery processes are sought out. The prevailing law also states that exports of liquor or wine is also eligible for duty refund up to 50% of the total amount of imports.
Goods imported for the purpose of exporting them outside the United States are eligible for duty drawback for maximum 99% of the total value of such consignment.
Imported goods that are accidentally destroyed and lost are liable for drawback up to 99% of the total value of shipment.
Any rejection of goods exported from the US, is lawfully open for duty drawback claims up to 99%.
How to Proceed with Duty Drawback Claims?
The first step towards duty refund is to hire brokerage consultant who have several years of experience and expertise in this field. According to one estimate, more than 95% of duties already paid on imported stuff could be officially and lawfully recovered, but around 2/3 of such claims go unnoticed.
Most businessmen usually have limited knowledge of legal claims and processing. That is why it is always a good idea to consult an expert and get the best duty drawback services all the time.
Duty Drawback Is A Legal Right
The duty drawback is a legal right for every trader engaged in import-export business. It is mentioned in section 313 of the US Tariff Act, 1930. The process of filing a claim is very transparent and open. A trader has to furnish all the necessary documents to the US authorities to for successful claims.
Historically, Duty Drawback rules were approved by Congress in 1789 to promote international trade emanating from US Ports. The Citta Brokerage Company is a well reputed firm with immense knowledge in duty drawback services. We treat every client with utmost priority and get his or her duty drawback refunded at the soonest.