What is Duty Drawback?
Duty Drawback A refund of customs duties, taxes, and fees paid on imported materials that are subsequently exported or used in the manufacture of exported goods, as authorized by customs regulations.
Source: Incoterms 2020 (ICC), FIATA, IATA DGR, WCO
How is “Duty Drawback” Used in Practice?
The exporter claimed a duty drawback for the customs duties paid on components used in products shipped overseas, as per national customs procedures.
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Who Needs to Know This Term?
- Freight Forwarders
- Supply Chain Managers
- Customs Brokers
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What is Duty Drawback?
A refund of customs duties, taxes, and fees paid on imported materials that are subsequently exported or used in the manufacture of exported goods, as authorized by customs regulations.
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