Duty Drawback Program

The Duty Drawback Program is a government initiative that refunds the customs duties and taxes paid on imported goods when those goods are exported or used in certain manufacturing processes. Its purpose is to encourage exports by reducing the financial burden associated with import tariffs. Essentially, businesses can recover some or all of the duties paid, making their international trade more competitive. The program involves submitting specific documentation to qualify for the refund, and it applies mainly to goods that are exported directly or after value addition.