Business Terms and Jargon Explained

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.

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

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