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You may qualify to claim Duty Drawbacks without realizing it — we’ll help you set up your program and identify drawback opportunities – it all starts with a Duty Drawback Bond. Don’t leave money on the table!
Duty Drawbacks are refunds of Customs duties, taxes and fees paid on imported items that can be matched with items later exported, rejected or destroyed — up to 99% of the amount paid. However, many companies are not aware they’re eligible for a refund. Others don’t realize how much they may be entitled to, or assume it’s not worth the hassle. As a result, each year more than $2B in Duty Drawbacks — 85% of eligible refunds — go unclaimed. Considering today’s economy, can you afford to leave money on the table?
Note: You don’t have to be an importer or manufacturer to participate. See “Who qualifies for Duty Drawbacks” below to see if this program might be right for you.
A Duty Drawback Bond is key to the success of any Duty Drawback program. The CBP requires a Duty Drawback Bond to enroll in its Accelerated Payment Privilege (APP), which allows it to issue refunds as quickly as possible, typically within 4 to 6 weeks. Without APP, the CBP can delay refunds for a year or more while investigating for clerical errors.
With over 140 years in business, DB Schenker has the experience needed to make sure you get the right bond in place at the best price. We also offer consulting to help you identify Drawback Opportunities and can set up your entire Duty Drawback program.
Questions? Contact us today for a free consultation!
To get started, click here to download a fillable Duty Drawback questionnaire, or simply click here to request a Duty Drawback Bond quote and one of our consultants will be in touch. We’ll provide you with everything you need to maximize your Duty Drawbacks while staying in full compliance with the law.
Who Qualifies for a Duty Drawback?
You may be eligible for a 99% refund of Customs duties, taxes and/or fees if you:
These are just a few examples. Manufacturers, Distributors, Destroyers, and Intermediaries may also be eligible to participate.
You typically have 3 years after goods are exported or destroyed to file a claim. You don’t even have to be the importer, nor the exporter, to be eligible for a Duty Drawback. For example, importers that don’t export can pass on their drawback rights to the exporter, lowering costs for both.
As part of our Import Compliance Consulting Services, DB Schenker Trade Solutions can help you identify drawback opportunities along your supply chain and in conjunction with your partners. We also help you maintain the documentation needed for filing and audit compliance, which can be extensive. When there’s potential for duty recovery, we ensure you can identify it, claim it, and receive payment.
Request a quote to learn more. Or click here to learn more about our Import Compliance Consulting Services.
What Size Duty Drawback Bond Do I Need?
CBP requires that your Duty Drawback Bond amount be equal to or greater than your total potential drawback during the next 12-month period. For help calculating this amount, request a quote and one of our consultants will contact you.