DRAWBACK

Drawback

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 . The earlier tariffs contained elaborate tables of the drawbacks allowed on ...

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draw back

Verb

draw back

  1. to retreat from a position
  2. to move backwards
  3. to withdraw from an undertaking
  4. to pull something back or apart


The above text is a snippet from Wiktionary: draw back
and as such is available under the Creative Commons Attribution/Share-Alike License.

drawback

Noun

  1. A disadvantage; something that detracts or takes away.
    Poor fuel economy is a common drawback among larger vehicles.
  2. A partial refund of an import fee, as when goods are re-exported from the country that collected the fee.


The above text is a snippet from Wiktionary: drawback
and as such is available under the Creative Commons Attribution/Share-Alike License.

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