Volatility is hitting worldwide markets in the face of the global pandemic, leading to uncertain presents and futures for many companies. Primarily, companies are looking out for their bottom line and trying to find ways to add to it in the face of economic instability. A good opportunity to do that is through duty drawback.
This crisis provides the time to explore your company’s potential for duty drawback. Many times companies will see the benefit of drawback, but simply don’t have the push or resource availability internally to make it happen. But with firms looking to find money soon, it makes sense to evaluate this now and get the ball rolling towards refunds as soon as possible.
Drawback is retroactive for imports up to five years old, and so often there is a substantial “clean up” of past refunds that will be especially helpful to companies looking to find money soon. This initial injection can make the difference when getting through economic turmoil.
New 301 tariffs over the last few years have also changed many companies’ eligibility for drawback. Importers and exporters who prior to the new tariffs had little or no drawback may find that a substantial portion of their new duties may be eligible for a refund.
With supply chains slowing and freight shipments reducing in the short term, there’s never been a better time to put underutilized employees into exploring the potential for duty drawback. The people involved daily with importing and exporting who know the data systems are crucial for a successful program, and exploring drawback potential with their help at this difficult time will ensure all potential for refunds is explored.
JM Rodgers has been the leader in duty drawback for more than 60 years, and we can help anyone find their potential for drawback and help them build a successful program. If you’d like to discuss how we can assist you, please contact www.jmrodgers.com
James Rodgers CEO