Drawback

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Drawback

A tax or duty rebate on imported goods that are exported at a later date.
References in periodicals archive ?
Prior to the package, duty drawbacks were between 7.
In China, Bangladesh and India the duty drawback and incentives permitted to this sector are much larger than our country.
Under the special order, the committee will recommend to the commissioner the approval of a tax credit issued by the bureau as well as the approval of duty drawback claims processed by the DOF One-Stop Shop Inter-Agency Tax Credit and Duty Drawback Center (OSS-Center), and approving and signing documents related to the utilization of tax credits.
An exporter is tempted to over-invoice exports if (say) the duty drawback (export rebates/refunds/subsidies) rate is higher than the difference between inter-bank foreign currency exchange rate and the open market foreign currency exchange rate exporter needs to buy foreign currency from the open market to the extent of export over-invoicing to meet the total export-earning surrender requirement of the State Bank of Pakistan.
The debate showed "a very broad consensus on the significant benefits" of the FTA, said a spokesperson for the EU executive, even if it will be necessary to remain "careful" on implementing the clause on the duty drawback system in the automobile sector.
The above estimates of export overinvoicing are further confirmed from unpublished estimates of the Revenue Division on amounts deducted as overclaimed for duty drawbacks (see Table 2).
The system of duty drawbacks derives its authority from the said Act.
The budgetary support measures to achieve these goals as announced include: Duty drawbacks of 4% for garments 2% for made ups and 1% for processed fabric.
On pointation by Chairman Pakistan Apparel Forum Muhammad Jawed Bilwani , Chairman PHMA Sindh-Balochistan Zone Akhtar Younas , Chairman SITE Association of Industry Saleem Parekh , Rafiq Godil , the Chief Controller Customs assured that the Customs department will try to clear all claims of duty drawbacks of value-added textile exporters especially those pending for last 3 or 4 years in next couple of weeks.
The commissioner refers here to the inclusion in the agreement of the so-called system of duty drawbacks, which allows import tariffs to be returned to Korean companies that use imported materials to make products for export.