The refund of a duty which had been paid on importation that are later re-exported is known as?

Assessment: WAEC SSCE - Commerce - 2002 (Objective) Subject: Commerce

Question 1 Report

The refund of a duty which had been paid on importation that are later re-exported is known as?
Answer Details
The refund of a duty which had been paid on importation that are later re-exported is known as "customs drawback". This is a refund of duties paid on imported goods that are subsequently exported without being altered in any way. It is a way to promote international trade and allows exporters to recover the duties paid on imported goods that are used in the manufacture of products intended for export. The customs drawback system is used to help reduce the cost of goods, making them more competitive in foreign markets.
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