International Trade Terms Glossary

Duty Drawback

Using Duty Drawback (a U.S. customs law) an importer registers the goods at the time of entry and deposits the applicable duties and taxes with foreign customs. In Europe, duties and taxes range from 20% to 30% of the value of the goods. Often this deposit and payment has to be made in cash in the currency of the country being entered.

At the time of departure, the exporter presents the goods and appropriate paperwork to the customs inspector. Assuming the goods and paperwork are in order, exporters can expect to receive a full refund of the duties and taxes posted at some future point. (For Europe, refunds are generally made 2 to 6 months after departure.)

What we do

At Shark Finesse we have developed an enterprise-grade cloud application to help businesses standardise and simplify their value engagements across the entire customer journey.

Shark, a business value engagement platform used by 1000’s of customer-facing teams globally (e.g. pre-sales, sales, value teams, and customer success) is easy to use, intuitive and usable directly with the customer to negotiate the likely business returns from investing in a solution.

By adopting the Shark approach you will fundamentally transform conversations with new and existing customers, close more business, and differentiate from the competition.
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