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2023 Duty Drawback Recap

June 7, 2024

From technology to the economy to program expansion, here’s the top duty drawback trends we saw this year.

Technology and Data Continues to Grow More Important

Technology and data continued to play a monumental role in executive decision making this past year. We saw more companies looking for powerful drawback technology that can absorb and integrate data from multiple sources so it can be analyzed to maximize drawback claims.

Compliance Continues to Have a Crucial Seat at the Table

Not unlike previous years, the future of the economy was on every C-suite’s mind during 2023. With a potential recession looming and many taking a hard look at their bottom lines, duty mitigation and duty drawback were identified as key strategies which further confirmed that compliance teams have a crucial seat at the table.

Drawback Expansion Became a Key Area of Focus

We saw a widespread trend in large companies taking a more holistic look at their drawback program. With numerous entities and subsidiaries, many looked to expand their programs to include new opportunities like Superfund tax credits while others worked to extend drawback across its vast customer base.

Looking ahead to 2024

Drawback Strategies for the New Year

Our duty drawback services have a proven track record in recovering more duties, taxes, and fees than any other U.S. service provider.

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