Duty Drawback Software Solution
Take advantage of duty drawback benefits with MIC's MIC-CUST® Duty Drawback module
Those who don't know, duty drawback is the refund of certain duties, internal revenue taxes and certain fees collected upon the importation of goods and refunded when the merchandise is exported or destroyed. Detailed information can be found on CBP's website.
However, drawback has been a very hot topic over the last few years with electronic TFTEA (Trade Facilitation and Trade Enforcement Act) being the only means of filing in 2019. As of current, there are less than 25 companies that are approved to file. And, MIC Customs Solutions became one of them at the beginning of August 2019.
MIC’s customers initially started filing claims in mid-September 2019 with MIC's MIC-CUST® Duty Drawback module, and that has been ramped up to filing numerous claims resulting in millions of dollars of drawback duties and fees recovered. Some customers were waiting for the new TFTEA rules to take effect before filing, which means they had a backlog of data to process. “The backlog, combined with the new Section 301 duties, which can be as high as 25%, mean that duty drawback is more important than ever.” says Dan Colosimo, MIC project manager for the drawback project.
Buckland, a full service trade partner offering managed services, has been consulting MIC on the new drawback module. Michele Snider, Director of Compliance & Consulting at Buckland, joined Mr. Colosimo in presenting the drawback process at MIC’s 2019 Customer Roundtable. “We look forward to working closely with MIC as we leverage their exceptional drawback software to bring even more value to Buckland customers”, stated Michele Snider, Director of Compliance & Consulting.