- drawback
- A tax or duty rebate on imported goods that are exported at a later date. Bloomberg Financial Dictionary————One of the two variants of the inward processing procedure under which the import duties are paid at release for free circulation and refunded when the processed products or the goods in the unaltered state are re-exported. Many free-trade agreements don't allow drawback if a preferential proof of origin is issued. EU Customs Glossary————Repayment of duty or other taxes paid on goods satisfying certain conditions. The most common forms of drawback relate to excise duty paid on goods which are subsequently removed from the UK (whether to another European Union ( EU) Member States or to a destination outside the EU); supplied as ship's or aircraft's stores; or used in the manufacture of certain eligible products. Inward Processing Relief ( IPR) drawback is a procedure under which customs duty and VAT are paid on import and reclaimed when the goods are re-exported. HM Customs & Revenue Glossary
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drawback draw‧back [ˈdrɔːbæk ǁ ˈdrɒː-] noun [countable]a disadvantage of a situation, product etc that makes it less attractive:• There are drawbacks to being a sole trader, but they are outweighed by the benefits.
• one of the main drawbacks of the scheme
1. [countable] a customs document given to an exporter, which allows them to claim back customs duty paid on goods they have already imported2. [uncountable] a repayment of customs duty when goods or materials on which import duty has been paid are later exported* * *
drawback UK US /ˈdrɔːbæk/ noun [C]► [C] a disadvantage, or the negative part of a situation, product, etc.: »A drawback for some savers is that the bond has a minimum investment of £10,000.
a big/main/major drawback »The design of the computer has one big drawback: a noisy built-in fan.
»Every strategic choice has its benefits and drawbacks.
► [C or U] DUTY DRAWBACK(Cf. ↑duty drawback)
Financial and business terms. 2012.
