A refund of the duty collected on goods imported and processed for re-export is?
- excise duty
-
excise draw back
- preferential duty
- value added tax
The correct answer is: B
Explanation
Duty drawback is the refund of duties, certain taxes, and certain fees collected upon the importation of goods. Refunds are only allowed on the export/destruction of the imported merchandise or a valid substitute, or the export/destruction of a certain article manufactured from the imported merchandise or a valid substitute.