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.

<- Go Back
Business Terms Home page

Search Jargon and Terms Database

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   

Encryption Bluetooth Affiliate agreement
Liquidity Puisne Judge DDOS
Bounced cheque Uncollected funds HTH
PRODCOM Job production Berne Convention
Lessee Operating System Just in Time (JIT)
Charity Firmware Cost per Action
Progress payments European Sales Lists Bonds
Artificial Intelligence Authorised Operator Procureur
Allotment WERS Abandon
Deposition Sin Tax Bank Wire
Lead time Witness Adjusted earnings
Exhibit Codicil Intermediate goods
Equity Rates In terrorem Zombies

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 jargon, and explain them in Plain English. Its very easy to comprehend. Learn to understanding and know your business jargon. This will keep you informed among your peers. Bookmark Your business dictionary.

Copyright © 2004-2021 Scopulus Limited. All rights reserved.