Definition of Drawback:
A drawback is a refund of specific duties, fees, and taxes, collected from U.S. companies for importing goods according to the U.S. Customs and Border Protection Agency. Typically, imports and exports are taxed. Drawbacks help to alleviate the tax burden for U.S. exporters.
A drawback is a rebate on taxes or tariffs paid by businesses on goods that were imported into the United States and then exported out again. .
Government scheme (see export subsidy) that pays back (in part or in full) excise duties, import duties, and/or other taxes on exported or re-exported goods. Its objective is to improve the competitiveness of the local manufacturers and traders, and is normally not given on damaged or spoiled goods.
Synonyms of Drawback
Abatement, Agio, Allowance, Bank discount, Blemish, Block, Blockade, Bottleneck, Breakage, Bug, Cash discount, Catch, Chain discount, Charge-off, Concession, Cordon, Crack, Curtain, Cut, Damage, Deduction, Defect, Defection, Deficiency, Depreciation, Determent, Deterrent, Detriment, Difficulty, Disability, Disadvantage, Discount, Evil, Failing, Failure, Fault, Faute, Flaw, Foible, Frailty, Handicap, Hang-up, Harm, Hazard, Hindrance, Hitch, Hole, Hurdle, Hurt, Ill, Impairment, Impediment, Imperfection, Inadequacy, Inconvenience, Infirmity, Injury, Joker, Kickback, Kink, Liability, Little problem, Loss, Loss of ground, Mischief, Objection, Obstacle, Obstruction, Obstructive, One small difficulty, Penalty, Penalty clause, Percentage, Prejudice, Premium, Price reduction, Price-cut, Problem, Rebate, Rebatement, Reduction, Refund, Rift, Rollback, Rub, Salvage, Setoff, Shortcoming, Snag, Something missing, Step backward, Stumbling block, Stumbling stone, Taint, Tare, Time discount, Trade discount, Tret, Trouble, Underselling, Vulnerable place, Weak link, Weak point, Weakness, Write-off
How to use Drawback in a sentence?
- Some opportunities may be to good to pass up even if you know that there will inevitably be some drawback .
- The rebate from a drawback can include raw materials used in the manufacturing of other products that are eventually exported.
- A drawback is a rebate on taxes or tariffs paid by businesses on goods that were imported into the United States and then exported out again. .
- A drawback does not apply to goods that have been damaged or spoiled prior to being exported.
- There was one major drawback to playing in Boston and that was the cold weather that made your hands feel like they would fall off.
- The drawback imposed by the federal government was a hindrance to achieving our forecasted profits for next quarter but we would still profit.
Meaning of Drawback & Drawback Definition