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Don’t leave money on the table! Duty Drawback Bonds are the key to claiming the duties, taxes and fees you are legally entitled to. We can help you with the entire process.
Duty Drawback Bonds are required by the CBP to participate in its Accelerated Payment Privilege program. They are therefore key to implementing a successful import tax recovery plan. The bond allows the CBP to process Duty Drawback refunds as quickly as possible, typically within 4 to 6 weeks. Without a Bond and Accelerated Payment Privilege, the CBP can delay payment for a year or more while investigating for clerical errors.
Duty Drawbacks are refunds of Customs duties, taxes and fees. The US Federal Government Duty Drawback program was created to help US manufacturing businesses using imported components to be more competitive and profitable. However, each year more than $2B in import duty refunds go unclaimed. Many companies are not aware they’re eligible for a refund (for example, you don’t have to be a manufacturer or an importer to qualify — see “Additional Info” below). Others don’t realize how much they may be entitled to, or assume it’s just too complicated to be worth the hassle. But considering today’s economy, can your company afford to leave money on the table?
The rules, regulations and limitations for claiming Duty Drawback refunds can be complex. With over 140 years in business, DB Schenker has the experience needed to make sure you not only get the right bond in place… we can help you set up your entire Duty Drawback program.
Simply request a Duty Drawback Bond quote, and one of our consultants will be in touch. We provide you with everything you need to maximize your Duty Drawbacks while staying in full compliance with the law.
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.
How Do I Qualify 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. 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.