drawback
American Heritage Dictionary:
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draw·back
(drô'băk') 
n.
n.
- A disadvantage or inconvenience. See synonyms at disadvantage.
- A refund or remittance, such as a discount on duties or taxes for goods destined for reexport.
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rebate of taxes or duties paid on imported goods that have been reexported. It is in effect a government subsidy designed to encourage domestic manufacturers to compete overseas.
| Draining Reserves, Dragon Bond | |
| Drawer, Drawn Bonds (securities) |
Roget's Thesaurus:
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drawback
noun
- An unfavorable condition, circumstance, or characteristic: detriment, disadvantage, handicap, minus. See help/harm/harmless.
Antonyms by Answers.com:
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drawback
n
Definition: disadvantage
Antonyms: advantage, benefit, boon, extra, perfection
Investopedia Financial Dictionary:
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Drawback
Any form of tax or tariff that is rebated to the payor. This type of rebate is awarded to importers and exporters who paid tax on goods imported into their home country, and then exported those goods after they arrived. Drawbacks allow importers to temporarily store or use their goods in the U.S. without paying a non-refundable tax.
Investopedia Says:
The goods that are exported do not have to be in the same form as when they were imported. For example, if raw materials were imported and used to manufacture another good, then the drawback will be paid if the manufactured goods are exported.
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Word Tutor:
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drawback
IN BRIEF: A condition that makes something difficult.
One drawback to picnics at the beach is that sand gets in all the food.
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See crossword solutions for the clue Wikipedia on Answers.com:
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Drawback
This article is about a drawback in commerce. For other uses, see Drawback (disambiguation).
Drawback, in law in commerce, paying back a duty previously paid on exporting excisable articles or on re-exporting foreign goods. The object of a drawback is to let commodities which are subject to taxation be exported and sold in a foreign country on the same terms as goods from countries where they are untaxed. It differs from a bounty in that a bounty lets commodities be sold abroad at less than their cost price; it may occur, however, under certain conditions that giving a drawback has an effect equivalent to that of a bounty, as in the case of the so-called sugar bounties in Germany (see sugar). The earlier tariffs contained elaborate tables of the drawbacks allowed on exporting or re-exporting commodities, but so far as the United Kingdom is concerned (as of 1911) the system of bonded warehouses practically abolished drawbacks, as commodities can be warehoused (placed in bond) until needed for exportation.
In the United States, drawback is a U.S. law that allows exporters to recover duty paid for importations provided that the product is subsequently exported. It is considered a Customs privileged program. It is a cumbersome, time staking process that requires proof of exportation, and an impeccable audit trail to the original importation. Further, a Foreign-Trade Zone may be used to either expedite or avoid the drawback process. A Foreign-Trade Zone Admission in Zone Restricted status is considered the legal equivalent to an exportation in the eyes of the U.S. Customs & Border Protection.
Under Indian Customs Act, various schemes like EOU, SEZ, Advance Authorisation, manufacture under bond etc, are available to obtain inputs without payment of customs duty/excise duty or obtain refund of duty paid on inputs. In case of Central Excise, manufacturers can avail Cenvat credit of duty paid on inputs and service tax paid on input services. They can utilize the same for payment of duty on other goods sold in India or service tax on services provided in India, or can obtain refund. Schemes like manufacture under bond are also available for customs. Manufacturers or processors who are unable to avail any of these schemes can avail ‘duty drawback’. Here, the excise duty and customs duty paid on inputs and service tax paid on input services is given back to the exporter of finished product by way of ‘duty drawback’.
This article incorporates text from a publication now in the public domain: Chisholm, Hugh, ed (1911). Encyclopædia Britannica (11th ed.). Cambridge University Press.
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Translations:
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Drawback
Dansk (Danish)
n. - fejl, fradrag, minus, toldgodtgørelse
Nederlands (Dutch)
bezwaar, aftrek, terugbetaalde accijns/ invoerrechten
Français (French)
n. - inconvénient, désavantage, drawback/remboursement d'un impôt
Deutsch (German)
n. - Nachteil
Ελληνική (Greek)
n. - μειονέκτημα, ελάττωμα (κν. κουσούρι), ανασταλτικός παράγοντας
Italiano (Italian)
inconveniente, svantaggio
Português (Portuguese)
n. - desvantagem (f)
Русский (Russian)
недостаток, возврат пошлины
Español (Spanish)
n. - desventaja, inconveniente
Svenska (Swedish)
n. - nackdel
中文（简体）(Chinese (Simplified))
不利点, 退税
中文（繁體）(Chinese (Traditional))
n. - 不利點, 退稅
한국어 (Korean)
n. - 약점, 고장, 환불금, 공제
日本語 (Japanese)
n. - 欠点, 障害, 控除
العربيه (Arabic)
(الاسم) خسارة أو مشكله
עברית (Hebrew)
n. - חיסרון, הפחתה, הישבון, החזרת דמי-מכס, קושי
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The American Heritage® Dictionary of the English Language, Fourth Edition Copyright © 2007, 2000 by Houghton Mifflin Company. Updated in 2009. Published by Houghton Mifflin Company. All rights reserved.
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