TOP 5 REASONS WHY DUTY DRAWBACK IS A MUST
For most people, when they hear Duty Drawback, they scratch their heads not realizing what that term even means. Why? Because Drawback is like the Unicorn of revenue refunds. It’s that one thing that many can promise they can do, but few can actually make happen.
Let us give you five great reasons why you should consider it and how it can help your business.
1. Not limited to tariffs
Most assume that with Drawback one can only recover tariffs. Fortunately, that’s far from correct. Aside from the usual tariffs, you can add in things such as Merchandise Processing Fees (MPF), Harbor Merchandise Fee (HMF), Evaluation refunds, Destruction refunds, Classification refunds and many other opportunities for revenue growth.
2. Options. Options. Options.
Did you know there are numerous ways to complete a Drawback program? Depending on what your company does or how you import, it falls into a certain category that delivers different kinds of results. To quickly enumerate, here are the different types.
Unused: Imports that are exported in the same condition with no modifications on them.
Manufactured: Imports that are either manufactured further together with other imported or domestically sourced parts and then exported.
Rejected: Imports that remained unsold, recovered, returned, or rejected and therefore will be destroyed.
3. Paperwork Phobia
Worried about the piles of paperwork you have to go through? All those proof of deliveries, pedimentos, tracking numbers, the list goes on. Not a problem when you have an expert Drawback consultant like us working with you side by side. All you need to do is allow us to tailor a program to you and we will contact all those clients, brokers, and freight forwarders.
Many companies shy away from the idea of working with customs. It appears to be a daunting task and may take a lot of time reviewing regulations and classifications. With a Drawback expert, you are fully protected. Every step of the way is ensured that it is in compliance with Customs’ requirements and regulations.
5. Faster Processing
Working on Duty Drawback refunds can take an extensive amount of time. But did you know about something called a Privileges Application for Accelerated Payment Privileges? Yes, under a Privileges Application, you don’t only get faster processing, but you can also request full coverage for compliance in all filings; retro and prospective. This is a one-time application process that CITTA files for you and once you’re approved, your filing will be a smooth sailing process.
The word is out. Duty Drawback doesn’t have to be a bad or painful process. You just have to work with an expert that not only knows you but also cares. So let’s talk! Let CITTA Brokerage develop and customize solutions for you. Give us a call and we can offer a consultation free of charge.
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