Drawback

(redirected from duty drawback)
Also found in: Dictionary, Thesaurus, Financial, Encyclopedia.

DRAWBACK, com. law. An allowance made by the government to merchants on the reexportation of certain imported goods liable to duties, which, in some cases, consists of the whole; in others, of a part of the duties which had been paid upon the importation. For the various acts of congress which regulate drawbacks, see Story, L. U. S. Index, h.t.

Mentioned in ?

References in periodicals archive ?

The government would give the duty drawback facility through State Bank of Pakistan.

News and Views - Government announces Rs. 180 billion package to boost exports

According to BOC, the administrative order seeks to provide a streamlined guidelines and codify existing rules and regulations on the processing, approval, and payment of Duty Drawback, Refund, and Abatement.

Tax refund claims may now be given as outright cash - BOC

The All Industry Rates of Duty Drawback re-imburses the incidence of duties of Customs on inputs and remnant Central Excise Duty on specified petroleum products used for generation of captive power for manufacture or processing of export goods.

New duty drawback rates will boost cotton Textiles exports

All applications for duty drawbacks, value-added taxes (VAT), and excise tax claims were then transferred under the OCOM.

Committee to oversee tax credit certificates revived in Customs

Senior officials of the Customs and Excise Department are of the view that the export incentive schemes such as duty drawback tend to get exploited and cause leakage of revenue.

Govt scurries to save sinking ship

Concerning this point, continues ACEA, referring to the EP vote, these mechanisms should also cover the so-called duty drawback' arrangements granted to South Korea and this from the very moment that the agreement enters into force.

EU/SOUTH KOREA : ACEA FRETS OVER CONSEQUENCES OF FREE TRADE AGREEMENT

He asked the government to provide 6.3 percent duty drawback on export of finished leather in order to compete India, China and Bangladesh.

Loss of livestock to hit leather sector

She claimed the duty drawback would allow South Korean manugfacturers to enjoy a Euro 300-to-500 per vehicle advantage over manufacturers of similar models in Europe.

Signing of EU-South Korea trade deal sparks protest from European car makers

Seoul's Trade Minister Kim Jong-Hoon and his EU counterpart Catherine Ashton tried to narrow differences on remaining contentious issues, including a duty drawback scheme and rules of origin.

SKorea, EU fail to reach free-trade deal

The CBR has made steep reduction of over 50% in the duty drawback rates on the export of 11 major textile products including blended fabrics from February 18, 2003 Sources said that the CBR would also slash duty drawback rates of other textile items in the coming days to revamp the duty structure.

Duty drawback rates on 11 textile items halved. (Corporate Briefs)

An exporter is tempted to overinvoice exports (1) if (say) the duty drawback (2) rate is higher than the premium on foreign currency that he has to purchase from the kerb market to meet the export-earning surrender requirement of the State Bank.