drawback


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drawback

Economics a refund of customs or excise duty paid on goods that are being exported or used in the production of manufactured exports
References in periodicals archive ?
Conventional equipment for structural foam has drawbacks that can compromise part quality and consistency, says Prof.
Hadden Frost got Drawback (12-1) home by half a length.
The second most important drawback is related: a student who waits until the last minute to submit homework, and has difficulty getting an Internet connection, would not be able to submit his or her homework.
There are, however, drawbacks to this collaborative approach: for example, there has been no attempt to make the articles consistent with one another.
The term drawback means a refund, wholly or partially, of the ordinary customs duty or tax because of a particular use made of the imported good on which the duty or tax was collected.
While the ordinary voice phone is available everywhere and it's the least expensive of all the options listed below, it has the drawback of being the slowest.
This inference will be more certain if it can be established (i) that for these commodities the duty drawback rates are higher than the kerb market premium rate on foreign exchange and (ii) that these commodities are such that it is relatively easy to overinvoice them because of the nature of the products.
More than 20% of drawback going into the hands of criminals is a staggering amount," he said.
The Government of Pakistan announced the scheme regarding Duty Drawback of Local Taxes & Levies (DLTL) in 2009 for the exporters, in which 3% was share for the garment sector, besides additional 1% drawback was promised to exporters who will achieve an increase of 15% in exports, this was never announced.
The government rationalised the duty drawback and brought more items under the scheme for tax refund to exporters to give a boost to overseas shipments.
The duty drawback scheme is a refund of the customs or excise duty paid by an exporter on inputs used for manufacturing the finished goods that he has exported.
O 646(1)/2011 of Customs dated 25-06-2011, is issued stating that the FBR shall remit whole amount of penalties and surcharge payable by a person against whom an amount of custom duty is outstanding on account of any audit observation, audit report, demand notice or any adjudication order or who has failed to pay any amount of customs duty claimed, inadmissible refund or drawback of custom duty due to any reason, if the outstanding principal amount of custom duty is paid by from June 25 to June30, 2011.