Business terms and jargon explained. Your business dictionary

What is Drawback

Tax Definition:-

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.

Crown Copyright. Material taken from HM Revenue & Customs. Reproduced under the terms and conditions of the Click-Use Licence.

<- Go Back
Business Terms Home page

Search jargon and terms database to learn more:-

A  B  C  D  E  F  G  H  I  J  K  L  M  N  O  P  Q  R  S  T  U  V  W  X  Y  Z


Search Term   

Affirmation Greenwashing Alib Factum
Banana Problem UN Garnishee Order Locus in quo
Zaire Batch production Production Appreciation
Public Sector Spoilage Privileged Will Asset Allocation
Tenge IPO Accounts payable Easter egg
Wealth management Minority Interest Som Unissued stock
Peer Pillars of the EU Hryvnia Allotment
Pre-emption QROPS UK Business Registration MINT
Clock sucker Earned value Analysis Franchise Deemed domicile
Zar Lilangeni Indemnify Write-off

Term created / updated 2006-12-14 23:53:06

Knowledge is the key to success. That is why we have gone to great lengths to get you these business terms, and to explain them in Plain English so it is very easy to understand. Getting the right understanding and knowing your business jargon will keep you informed among your peers.

Copyright © 2004-2019 Scopulus Limited. All rights reserved.