Duty drawback can be a great opportunity for companies to save on duties, but to utilize it to its full extent it is necessary to understand the intricacies of the program. There are strict time frames that must be abided by and record keeping is imperative. The duty drawback regulations have changed recently due to TFTEA (Trade Facilitation and Trade Enforcement Act) and manual claims are no longer accepted, however Ascent Global Logistics can help you get your duty drawback claim filed electronically under the new regulations.
Below are a few tips and tricks from the Ascent Global Logistics Duty Drawback team on how to get started and participate in duty drawback.
Should I fill out a CBP Form 7553 (Notice of Intent to Export, Destroy or Return Merchandise for Purposes of Drawback) or go through the duty drawback application process?
CBP Form 7553 must be filled out and sent to U.S. Customs prior to the shipment being exported or destroyed. Why is it important to fill out the CBP Form 7553 first?
There are a few drawback privileges offered by U.S.
Customs that can be taken advantage of:
A combined privilege application allows claimants to use
a combination of these privileges in one application
instead of filing individual applications, saving time and money.
As a rule, claimants are legally obligated to hold certain records:
Documents must be kept for three years after a claim is filed, starting from the date of liquidation of the drawback claim.
Due to all of the recent changes to the duty drawback application process, it is important to have an experienced team on your side. With the correct information, you can file and receive your claim within 30 days if qualified and avoid unnecessary costs during the filing process.