Why Duty Drawback is Making a Comeback

Posted by Lacey Pierce on June 4, 2019

It is estimated that over $600 Million is recovered annually through the US Duty Drawback program and that is only 15% of the drawbacks that are available. This means that 85% of potential drawbacks are not being claimed each year, according to U.S. Customs. Are you leaving a savings opportunity on the table? This is exactly what Matt Robeson, Product Manager at Amber Road, talks about during his appearance on the Talking Logistics podcast.  During the 30 minute interview, Matt explains what a duty drawback is, how to qualify for it, why it has been brought to the forefront of global trade in 2019, and how companies can start implementing their own drawback process.

 

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Topics: Duty Management, Foreign-Trade Zones, Product Claim Details and Storage

European Customs Filing and Bonded Warehouse Management

Posted by Lacey Pierce on May 28, 2019

Did you know the opportunity cost of paying your duties and taxes upfront can be as high as 10 percent? Capital tied up in these untimely expenses can end up costing a company millions of dollars each year in lost opportunities. But what if you could defer these costs? Supply chain execution leaders understand the importance of keeping their organization’s cash flow flexible and maintain trade compliance. But in order to remain compliant and qualify to defer these duties and taxes, companies must first have complete visibility into their supply chain, including a granular view of what goods are moving in and out of the bonded warehouse, and then be able to share this information with the EU customs agencies.

The easiest way to gain a completely transparent supply chain is to utilize current supply chain technology to help identify opportunities, automate processes, and document the movement of goods along the supply chain. The risks of failing to remain compliant in this increasingly complex global trade arena could be costly, especially with Brexit creating turbulence for bonded inventory. With consequences as extreme as losing your trading privileges, it’s essential to maintain visibility and documentation within your supply chain. You can start digitizing your supply chain by downloading our European Customs Filing and Bonded Warehouse Management brochure.

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Topics: Duty Management, Foreign-Trade Zones, Free Trade Agreements

The China Factor: Global Trade’s Big Hub

Posted by Gary M. Barraco on May 22, 2017

Business often comes down to numbers, with bottom lines, profitability, growth and more, all part of the ongoing calculation of making a company succeed.  Unfortunately, the recent upheavals in global trade have made these calculations much more difficult. Unpredictability has become the new normal, with rising protectionism, saber-rattling from global leaders, and slow economic growth hindering financial projections. One factor that must be part of the equation for companies doing business globally is China.

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Topics: China Trade Management, Duty Management, Foreign-Trade Zones

Upcoming Webinar: Taming The Dragon

Posted by Chester Yavari on April 24, 2017

China is widely regarded as one of the most powerful economies and countries in the world, and with this being said China’s trade relationships face an uncertain time with the United States, forcing China to expand its relationship with the European Union. With these growing uncertainties and The New Silk Road on the horizon, navigating this dynamic market is more important than ever. However, paving your path through this market as importers and exporters alike is no easy task- implementing the proper policies and a China trade management solution is paramount to your company’s success.

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Topics: China Trade Management, Duty Management, Foreign-Trade Zones

EU Parliament Advances CETA

Posted by Arne Mielken on February 17, 2017

Amber Road has previously reported extensively on the Comprehensive Economic and
 Trade Agreement
(CETA). Under negotiation for almost five-and-a-half years, CETA
was approved in a close vote by the Members of the European Parliament (MEPs) on 15 February 2017. It was signed by both the European Union and Canadian representatives in October 2016, and first received a positive recommendation from the EU International Trade Committee in the European Parliament (EP) on 24 January 2017.

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Topics: Duty Management, Foreign-Trade Zones, Free Trade Agreements

A Day of Action Sets the Tone for Future Trade

Posted by Gary M. Barraco on January 26, 2017

On his first full weekday in office, President Donald Trump swiftly abandoned the Trans-Pacific Partnership (TPP) with an executive order, standing by his Inauguration speech that “now arrives the hour of action." President Trump also signed an executive order to renegotiate the North American Free Trade Agreement (NAFTA). The orders fulfill the pledge Trump made in mid-November to immediately make dramatic changes and put “America first” on his first day in office.

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Topics: Duty Management, Foreign-Trade Zones, Free Trade Agreements

Video Series Chapter 5: Duty Management

Posted by Joseph Gabro on October 5, 2016

Continued from Chapter 4: Logistics

Minimizing duties is one of the fastest and easiest ways to squeeze significant financial returns out of a company's global supply chain. Duty minimization opportunities come in many forms, but many companies fail to take advantage of these programs due to the perceived difficulty of qualifying for and administering them.

The fifth video in our series explains how automating the duty management process is the best way to reap the benefits – like cutting duties and taxes by 80-100%.

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Topics: China Trade Management, Duty Management, Foreign-Trade Zones, Free Trade Agreements

Software Can Help Soothe Free Trade Headaches

Posted by Kelsey Barker on August 31, 2016

Free trade agreements and foreign trade zones offer an attractive opportunity for US importers to reduce or eliminate duties and taxes, but these benefits hide behind a maze of complex protocols, dense paperwork, and red tape. Sourcing and supply chain executives must also balance duty considerations against material quality, production capacity, and number of components. 

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Topics: Duty Management, Supplier Solicitation Campaigns, Certificate Management, Foreign-Trade Zones, Free Trade Agreements

Webinar Q&A: Framing the Total Landed Cost Picture

Posted by Suzanne Richer on July 15, 2016

On June 21st, Amber Road in conjunction with American Shipper broadcasted a webinar entitled, Framing the Total Landed Cost Picture. Our presenters, Suzanne Richer and Phanibhushan Reddy from Amber Road, received several questions throughout the webinar, but unfortunately we did not have time to address them all during the live broadcast. We have compiled their answers into a Q&A document - here is a preview:

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Topics: Landed Cost Calculation, Duty Management, Foreign-Trade Zones, Free Trade Agreements

Duty Free Goods Aren’t “In the Bag” Under GSP

Posted by Gary M. Barraco on July 6, 2016

The 40-year old Generalized System of Preferences (GSP) program has helped many developing countries get a foothold in the US retail market with special duty-free status on imported goods. Established by the Trade Act of 1974, GSP promotes economic development by eliminating duties on up to 5,000 types of products when imported from one of 122 designated beneficiary countries and territories.

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Topics: Duty Management, Foreign-Trade Zones, Free Trade Agreements

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