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Glossary Duty Drawback

Duty Drawback is a system to return the duty to exporters or export item producers if the duty is paid when importing raw materials for export or if the duty to be paid is provided for exports. In other words, when a company imports goods into a country and pays customs duties on those goods, and then exports the same or similar goods to another country, the company may be eligible for a refund of the customs duties paid on the original import. The duty drawback process is designed to promote international trade and reduce the overall cost of doing business for companies involved in importing and exporting. Duty drawback programs vary by country and may have specific requirements for eligibility, documentation, and timing. In logistics, duty drawback is an important consideration for companies that engage in global trade, as it can help to reduce the overall cost of importing and exporting goods. By taking advantage of duty drawback programs, companies can improve their cash flow, reduce their tax liabilities, and increase their competitiveness in the global marketplace.
Source : ChatGPT