Expanding Duty Drawback Benefits in a Turbulent Trade Environment

New U.S. duty drawback laws and regulations are fully implemented and bring increased opportunities to mitigate the duty impact from the current increased tariffs on Chinese imports. What can you do to start taking advantage of the new drawback laws and mitigate the impact of the higher tariffs? This Webcast will focus on utilizing strategic and transactional planning and automation. These efforts may result in potential benefits to importers and exporters and reduce risk through processes that may not be fully captured in current controls.

The primary goal of the Trade Facilitation and Trade Enforcement Act of 2019 (TFTEA) is to encourage international trade through the simplification of U.S. trade regulations. In particular, drawback; a long-standing yet complex trade mechanism allowing for duty refunds on goods imported to the United States and subsequently exported, can create opportunities for broader qualification through the easing of product substitution rules, a simplified filing time frame, and modernized record-keeping requirements. These new changes come at a time of further automation of the drawback process for United States Customs and Border Protection through the Automated Commercial Environment, and may very well transform the way claimants manage their drawback programs in the future.

The discussion will cover:

• The revised drawback regulations under the TFTEA
• How to apply the eased substitution rules and what to do now
• Mitigation of impact due to increased tariffs on Chinese imports
• How to manage your drawback program of the future
• Drawback automation and innovation

This Webcast will be of interest to anyone concerned with the potential impact of trade and tariffs on their business, their stakeholders or their bottom line, including CEOs, CFOs, controllers, group presidents and trade and tax executives.