Duty Drawback

Duty Drawback is a refund of customs duties, taxes, or tariffs paid on imported goods that are later exported or used in manufacturing goods for export. It encourages companies to engage in international trade by alleviating some of the financial burden associated with importing materials. If a business imports raw materials, uses them to create products, and then exports those products, it can apply for a drawback, allowing it to recoup some of the expenses incurred on the imported goods. This system can promote competitiveness and support local manufacturers in the global market.