When is the last time you found a few random quarters lying around your house? Was it last week? Last month? Last year? One can only imagine how satisfying it was to find extra change lying around. Ultimately, that day was probably a very good day for you?
Now instead of finding a few quarters lying around, imagine if you found several hundred thousand dollars that you could reinvest into your business. With Ascent’s Duty Drawback solutions, you could gain back more than a few quarters. Here is how you can earn back money that you already spent:
Duty drawback is the refund or remission, in whole or in part, of a customs duty, fee or internal revenue tax which was imposed on imported merchandise. Each year, billions of dollars of revenue are lost because people do not know that they are entitled to claim some of this money back.
Ascent’s Duty Drawback solution is two-fold. First, our team of compliance experts evaluates your company’s drawback potential to help you uncover all your drawback opportunities while guiding you through the drawback application process as well as working with you on your recordkeeping requirements. We then act as a liaison between your business and US Customs and Border Protection (CBP) to get your duty drawback application approved.
Second, Ascent assists in the implementation of your import/export data gathering, so our IT team can then match key data sets in the creation of your drawback claims. We also assist in any reviews or audits by CBP on your drawback claims.
Ultimately, claimants can recover up to 99 percent of duties, taxes and fees paid on qualifying import articles that were subsequently exported, destroyed under CBP supervision or used in the production of merchandise for export.
If you are looking to claim duty drawback savings, please contact us or reach out to your Ascent Global Logistics representative directly. Our team will be glad to assist you in uncovering your duty drawback.