US Customs and Border Protection has finally released the much anticipated proposed changes to the drawback regulations. (See FRN August 2)
Drawback provides an opportunity for importers to apply for refunds of duty payments upon exportation of the same or similar product. It is also a terrific opportunity for importers of components to receive duty refunds once the finished product is exported. Importers and exporters need not be the same party to apply for drawback as long as there is cooperation between the two.
The 444 page proposed regulations attempt to simplify the program especially with regard to manufacturing in the US and record keeping requirements. Electronic filing will also be a new requirement. Comments may be submitted until September 16, 2018.