Four Strategic Pointers for Recovering Customs Duty Drawback
With necessary documentation, the companies can recover 99% of their customs duties. The amount industrialists have spent in three years dated back to export can be recovered by them. People must take the services from experienced and renowned brokerage company. These companies guide their clients and help to compile necessary information to support their claim. The customs duty drawback is collected upon the imported material, as they are being exported as raw materials or finished goods.
1. Possession of Necessary Documents:
The brokerage company will help the concerned parties to get ready with the following documents in order to recover their amount:
For Imported Goods: The custom entry form 7501 and the commercial invoices should be in possession to the owner. In case, the invoices do not have product codes then there is a necessity for the packing list.
For Exported Goods: The person should have export invoices and Airway bills or the bills of lading. The bill of lading should be numbered and must be unique to that particular export.
If a person is dealing with NAFTA or NON-NAFTA countries, then they must possess documents under rules created by NAFTA. As for Canadian exports, one needs Revenue Canada form B3. For Mexican exports, the custom form namely “Pedimento” must be with the claimant parties.
2. Involvement of Varied Claimant Parties:
For claiming the custom duty drawbacks, it is always not necessary that the importer can be the only claimant. One party can waive their claim so that another party can file an application for recovering duty drawback. With the changes in Trade Enforcement Act in the year 2015, the massive changes have been witnessed in duty drawback rules. Here, the claimant parties should see that there should be no inflated selling price in order to make sales uncompetitive in the foreign market.
3. Availing One-Time Claim on Unused Drawbacks:
The companies are purchasing domestic foreign raw material or products, and they are exported without any kind of transformation. Here, the brokerage company can help the companies to file a one-time subsequent claim on the unused custom duty drawbacks. One should note that the drawbacks must be based on accounting procedure that is a part of Appendix 19 CFR & 181.
4. Support from Qualified Professionals:
The companies should take the services from the qualified professionals who are well-versed with the latest rules. They should know about the classification of agreements, proper valuation, changes in Duty drawback rules (if any) and much more. They should be able to file the claim with proper research and analyze in order to help their clients receive a maximum benefit.
If your company is looking forward to the timely recovery of the custom duty drawbacks, then Citta Brokerage Company efficiently navigates the whole process. The professionals prepare proper reports before filing the claim.