World Express Inc. has been working with U.S. Customs for over
30 years. Our experience with customs rules and regulations
provides us with expertise in the area of Duty Drawback. Automated
since 1978 ,and one of the early holders of a National Permit,
enables World Express to provide Drawback in a efficient, effective
automated manner, utilizing cutting edge technology.
Brief Description
of Duty Drawback
Duty Drawback is
the U.S. Law and a Customs Regulation which provides refunds
on imported items in certain circumstances when those items
are exported or destroyed.
The complexity of
the Drawback claim process couple with the penalties for improper
claims discourages eligible firms from applying.
U.S. Customs estimates
that over $3 billion in import duties are eligible for Drawback.
These funds are considered “FOUND MONEY’, not income.
Duty Drawback entitles
the claimant to the following:
99% of Import Duties
and 100% of Internal Revenue taxes are returned to the Qualifying
Claimant.
Facts:
78% of Drawback goes
unclaimed
Drawback is found money, and our Drawback Experts are ready
to claim for Clients.
Purpose of Drawback
Drawback allows American industry to compete more favorably
in foreign markets by eliminating certain import-related expenses
from the cost of doing business.
Types of Drawback
Manufacturing
Unused Merchandise
Rejected Merchandise
Packaging Material
Manufacturing drawback authorizes refunds on imported merchandise
if:
Documentary rights
(Audit Trail) are established.
It is made into other items (using the same or “substituted”
domestic merchandise of the same kind or quality used in production
by the same person.
Manufacture or production changes the articles' particular use.
It is exported within 5 years of import entry.
Drawback claim is filed within 3 years of exportation.
The drawback policy stimulates foreign commerce while assisting
American industry.
It would not be uncommon
for a medium-sized U.S. firm to be eligible for upward of $500,000
in drawback refunds.
