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One more thought on duties
One more thought on duties. When a company brings in product from overseas, they must pay a duty which is basically a fee to import the goods. There are different classes of goods and the rates vary depending upon what the good is. For example, a golf club head is 4.9% but a golf bag is 17.6%. These factors must be considered when determining whether to make or buy a product. In addition, the break even sales and number of units could significantly change based upon the rates listed above.
If a company cannot sell a certain portion of units at the end of the product’s life, they may decide to donate them. One other option is to have them destroyed and a duty refund can be filed with the government. This is somewhat rare but is an option.\
please let me know if you agree or disagree
Expert Solution
Yes, I totally agree with the facts. but in the second option, there are some rules & regulation which needs to be followed if you are claiming duty refund on products which are destroyed.
You will be required to provide documentation to U.S. Customs and Border Protection (CBP) with details about the condition of the product, as well as any insurance claims filed. But if you have been reimbursed for duties and taxes via an insurance claim, then you are not eligible for drawback.
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