How Importers, Exporters Can Enjoy Duty Recovery, Drawback-ITAS
Fred Omotara, Lagos
An innovative indigenous firm involved in technical and operational support on Customs and other regulatory compliance matters, International Trade Advisory Services Limited (ITAS) have shed more light on how importers and exporters can enjoy duty recovery and duty draw back on cleared goods at the nations ports.
Speaking with journalists on Wednesday in Lagos, Principal Consultant/Chief Executive Officer of ITAS, Mr Okey Ibeke explained that many companies are not aware that they are able to recover duty, not to talk of how to draw back duty.
According to Mr. Ibeke, “Duty Drawback allows companies to claim refunds on duties, taxes and fees paid on imported merchandise that is subsequently exported in the same or similar condition, and processed or assembled into a finished article which is then exported or destroyed under Customs supervision.
“According to findings, only a small percentage of duty that is paid to the government is drawn back annually. Many companies simply are not aware that they are able to recover duty. Filing Draw Back puts cash back in the importers pocket.
“At ITAS, we have highly specialised Duty Drawback experts who recover millions of Dollars annually for our Customers.
“We offer free consultation to determine if the possibility of duty recovery exists. If there is potential for duty, tax or fee recovery, we work with our clients to determine the approximate amount and which methodology should be used to maximize claims.
“Each draw back claim involves a very detailed analysis of your imports and exports and the collection of supporting documentation, all within complex legislation and strict regulations. Other than a minimal application and program set up fee, there is no upfront cost to our clients till the duty is recovered.
“For Duty Recovery, many companies over-pay duty or pay the wrong amount without realizing it. With opportunity to claim overpayment of duty going back through to a four-year period, the recovery can be significant.
“Our recovery specialists will analyse and review import transactions and duty paid to find opportunities for recovery.”