New U.S. duty drawback laws and regulations are fully implemented and bring increased opportunities to mitigate both the regular and the punitive duty impact on imports. What can you do to start benefitting from the new drawback laws and mitigate the effects of higher tariffs? This Webcast will focus on utilizing a common data model from an inventory management perspective, how to deal with pain points such as the unit of measure, the broad harmonized system descriptions, the lesser value requirement, and how to be more prepared for an increasingly growing number of CF-28 requests. These efforts may result in potential benefits to importers and exporters and help 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 by easing 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. They may very well transform the way claimants manage their drawback programs in the future.