New U.S. duty drawback (drawback) regulations have been finalized. What can you do to prepare? During this Webcast, you will learn how utilizing strategic and transactional planning can result in potentially significant 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 (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 long-awaited TFTEA drawback regulations were published on December 18, 2018. Starting February 24, 2019, companies who intend to file drawback claims must follow the new TFTEA regulations.
Join KPMG LLP’s trade professionals as we explore the final drawback regulations. Specifically the Webcast will address: