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You've probably heard it before, but we'll say it again: Companies who take advantage of drawback are able to compete more effectively in foreign markets. Because drawback reduces the cost of imported materials, cash flow and profits improve substantially.
Each year thousands of companies continue to overlook potential duty refunds while their counterparts recover millions of dollars. Are you taking advantage of duty drawback? If not, what does it take? You need: Knowledge and Tools.
Knowledge
Start by learning about the topic of drawback. Then evaluate whether or not your company has drawback potential. A qualified drawback specialist can guide you through the process.
At first glance, drawback can appear daunting. But in reality, you'll have come a long way once you have an understanding of the regulations. The U. S. Customs Web site is a good place to start. Here you can learn the fundamentals of duty drawback, from basic publications about the topic to the drawback regulations themselves. You'll also find the necessary applications for a duty drawback program. By just reviewing the applications you'll see you can get a pretty good education in duty drawback compliance.
Need more information? Visit the Dutycalc Web site or-better yet-give us a call.
Tools
Once you've decided to take the plunge into drawback, you need the proper tools to ensure the job is done right. So what will it be? In-house drawback software or a qualified drawback specialist? Or a combination of both?
We suggest you start off with the assistance of a qualified drawback specialist. Then, when you feel comfortable handling drawback software on your own, you can convert over to an in-house drawback system.
Follow these two steps, and provided you have drawback potential, your company will soon earn that "Competitive Edge."
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