On February 24, 2016, the President signed Public Law 114-125, which enacted the new duty drawback law, The Trade Facilitation and Trade Enforcement Act of 2015 (TFTEA). This provided massive change to US duty drawback rules.
The enactment of this law marks the successful completion of a nearly 10 year effort by drawback experts Charter Brokerage, along with other members of the trade community and Customs, to enact the most sweeping enhancement and expansion of the duty drawback law in our nation’s history.
As one of the original architects of eight-digit (8 digit) substitution drawback for petroleum products and their derivatives, Charter Brokerage has been at the forefront of the efforts to expand this approach to all U.S. industries. As the broker that has almost exclusively filed all historic eight-digit (8 digit) duty drawback, Charter’s drawback professionals are experts who have more experience than any other drawback services provider in eight-digit drawback.
The new duty drawback law (TFTEA) provides extensive opportunities in nearly every segment of the U.S. economy for refunds on imported goods that are then exported.
Charter Brokerage and The New Duty Drawback Law
Charter is positioned to unlock this value for its clients with its drawback experts and widespread professional background including:
- More than 100 years of combined specialized experience in eight-digit (8 digit) drawback
- Our duty drawback experts have filed more than 90% of the historic eight-digit (8 digit) drawback claims with Customs since 1994
- More than 20 years of expanding client’s duty drawback programs
- Charter Brokerage has the resources necessary to manage large, medium and small accounts – Charter currently files approximately 33% of total duty drawback refunds issued by US Customs
- Extensive knowledge of the contents of the new duty drawback law TFTEA and the process to maximize drawback under these new rules.
If you are an importer (or buy from an importer), an exporter (or sell to an exporter) or a manufacturer, the new law TFTEA provides opportunities for savings. If you are interested in understanding how to capture these new financial savings in the context of this new duty drawback rule, please contact Charter’s Duty Drawback experts. Call: 281.599.1252 | Email: Drawback@Charterbrokerage.net