CBP Releases Final Rule for Modern Drawback Claims Procedures
December 17, 2018
On December 17, 2018, U.S. Customs and Border Protection (CBP) released its final rule amending drawback regulations. These amendments were made in response to the Trade Facilitation and Trade Enforcement Act of 2015 (TFTEA) and include:
- liberalizations of the merchandise substitution standard
- simplifications of record-keeping requirements
- extension and standardization of deadlines for claims filings
- complete transition from paper-based to electronic filing system.
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