Duty Drawback
Course Description
This Duty Drawback webinar will help you understand the basic aspects of the different types of duty drawback programs available along with the new rules and regulations, known as TFTEA, which have significantly changed some aspects of the duty drawback industry altogether. Duty drawback programs include the following methods/types of programs and they are substitution drawback, direct ID drawback, destructions, NAFTA (or now the USMCA) drawback, and retail returns (which is going to become a very big deal with Customs to the point that many duty drawback service providers decided not to work with any retailers at all because it is a little more difficult.
Frequently, duty drawback goes unclaimed. Learn how to obtain refunds of your refundable duties and how you can make it possible. We also help you understand how to evaluate your program on a high-level basis, in order to estimate the total refundable dollars available. Customs currently allows for companies to claim up to 5 years retroactively from the date of importation, which can really add up your available refund dollar amount as long as you have good documentation collection and retention.
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What is a Duty Drawback? A Duty Drawback is the refund of duties paid on goods imported into the U.S. that are subsequently exported from the U.S. or destroyed in the U.S. Similar to U.S. tax returns, you may claim a duty refund of U.S. duties paid on goods that are imported into the U.S. and then either subsequently exported to another country or destroyed in the U.S.
What you will learn in Duty Drawback Webinar:
Through this webinar you will learn the basics of a duty drawback program and the reasons why recovering drawback can be so beneficial. Within the webinar we also cover how to maximize your refundable dollar amount by implementing a full duty drawback program in compliance with Customs laws and regulations. Also covered is the structure of the new 301 Tariffs that have been put into place on goods with a country of origin of China or Europe (and tbd for Vietnam) and discuss the different options involved in obtaining refunds of those additional tariffs; on top of the customarily paid duty rate. Duty drawback is a government refund program, similar to US tax returns, that allows you to gain refunds of US duties paid on goods that are imported into the US and then either subsequently exported to another country or destroyed in the US.
Course Will Benefit
This course would be extremely beneficial for anybody that imports and/or exports goods into and out of the US. 301 tariffs (tariffs put on many goods coming from China, Europe, and potentially Vietnam shortly) are available and only refundable through a duty drawback program. Not even an FTZ qualifies you for refunds of import duties on 301 tariffs. As long as there are US duty paid goods that entered the commerce of the US and are subsequently exported or destroyed, you can apply to qualify for a full duty drawback program.
Duty Drawback Agenda
9 a.m. to 12:30 p.m. (Central Time) – Webinar
Attendees will receive a PowerPoint
Attendees will receive a PowerPoint
- Duty drawback – Introduction to duty drawback and the importance of the program
- 301 Tariffs – 301 tariffs on goods from China, Europe, and possibly Vietnam
- Types of duty drawback programs
- Unused
- Manufacturing
- NAFTA/USMCA
- Duty drawback tracking methodologies
- Unused
- Substitution
- Time limits for Statute of Limitation
- Changes in core drawback versus TFTEA drawback
- Duty deferral opportunities
- Duty drawback
- Classification
- 301 exclusion piggybacking
- 301 tariff lawsuit list 3 & 4a
- Conclusion
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