Most US importers are familiar with duty. They pay duty (and
applicable MPF/HMF) on many of their imported goods – particularly those that
are not granted 0 duty by virtue of a free trade deal.
Unfortunately, too many companies consider this cost a
“necessary cost of business” and simply plan for it in their budgets. These
duties can represent anywhere from 1 or 2, up to double digit percentages of
product value. This can have a serious impact on your bottom line! These costs
could be reduced or eliminated, through a duty drawback program, if a
significant amount of the imported product was subsequently exported or
destroyed.
Why is it that so many companies fail to take advantage of this
program? The reason is largely due to a perceived difficulty in the process,
and an inability to comply with the requirements. The truth is, those companies
are right! They are unable to comply, that is without an automation solution.
Allow me to explain, using the drawback process.
