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Drawback

Drawback

Overview
The word drawback can mean:-
  • In general usage, a disadvantage.
  • In law
    Law
    Law is a system of rules, usually enforced through a set of institutions. It shapes politics, economics and society in numerous ways and serves as a primary social mediator of relations between people. Contract law regulates everything from buying a bus ticket to trading on derivatives markets...

     in commerce
    Commerce
    Commerce is a division of trade or production which deals with the exchange of goods and services from producer to final consumer. It comprises the trading of something of economic value such as goods, services, information, or money between two or more entities...

    , paying back a duty
    Duty (economics)
    In economics, a duty is a kind of tax, often associated with customs, a payment due to the revenue of a state, levied by force of law. It is a tax on certain items purchased abroad...

     previously paid on exporting excisable
    Excise
    Excise tax, sometimes called an excise duty, is a type of tax. In the United States, the term "excise" means: any tax other than a property tax or capitation , or a tax that is simply called an excise in the language of the statute imposing that tax...

     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
    Bounty
    Bounty may refer to:* Bounty , an amount of money or other reward offered by an organization for the capture of a person or thingIn transportation:, an 18th century British Royal Navy ship, and its replicasIn geography:...

     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
    Germany
    Germany , officially the Federal Republic of Germany , is a country in Central Europe. It is bordered to the north by the North Sea, Denmark, and the Baltic Sea; to the east by Poland and the Czech Republic; to the south by Austria and Switzerland; and to the west by France, Luxembourg, Belgium,...

     (see sugar
    Sugar
    Sugar is a class of edible crystalline substances, mainly sucrose, lactose, and fructose. Human taste buds interpret its flavor as sweet. Sugar as a basic food carbohydrate primarily comes from sugar cane and from sugar beet, but also appears in fruit, honey, sorghum, sugar maple , and in many...

    ).
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Encyclopedia
The word drawback can mean:-
  • In general usage, a disadvantage.
  • In law
    Law
    Law is a system of rules, usually enforced through a set of institutions. It shapes politics, economics and society in numerous ways and serves as a primary social mediator of relations between people. Contract law regulates everything from buying a bus ticket to trading on derivatives markets...

     in commerce
    Commerce
    Commerce is a division of trade or production which deals with the exchange of goods and services from producer to final consumer. It comprises the trading of something of economic value such as goods, services, information, or money between two or more entities...

    , paying back a duty
    Duty (economics)
    In economics, a duty is a kind of tax, often associated with customs, a payment due to the revenue of a state, levied by force of law. It is a tax on certain items purchased abroad...

     previously paid on exporting excisable
    Excise
    Excise tax, sometimes called an excise duty, is a type of tax. In the United States, the term "excise" means: any tax other than a property tax or capitation , or a tax that is simply called an excise in the language of the statute imposing that tax...

     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
    Bounty
    Bounty may refer to:* Bounty , an amount of money or other reward offered by an organization for the capture of a person or thingIn transportation:, an 18th century British Royal Navy ship, and its replicasIn geography:...

     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
    Germany
    Germany , officially the Federal Republic of Germany , is a country in Central Europe. It is bordered to the north by the North Sea, Denmark, and the Baltic Sea; to the east by Poland and the Czech Republic; to the south by Austria and Switzerland; and to the west by France, Luxembourg, Belgium,...

     (see sugar
    Sugar
    Sugar is a class of edible crystalline substances, mainly sucrose, lactose, and fructose. Human taste buds interpret its flavor as sweet. Sugar as a basic food carbohydrate primarily comes from sugar cane and from sugar beet, but also appears in fruit, honey, sorghum, sugar maple , and in many...

    ). The earlier tariff
    Tariff
    A tariff is a duty imposed on goods when they are moved across a political boundary.-History:...

    s contained elaborate tables of the drawbacks allowed on export
    Export
    In economics, an export is any good or commodity, transported from one country to another country in a legitimate fashion, typically for use in trade. Export goods or services are provided to foreign consumers by domestic producers. Export is an important part of international trade...

    ing or re-exporting commodities, but so far as the United Kingdom
    United Kingdom
    The United Kingdom of Great Britain and Northern Ireland is a sovereign state located off the northwestern coast of continental Europe. It is an island country, spanning an archipelago including Great Britain, the northeastern part of Ireland, and many small islands...

     is concerned (as of 1911) the system of bonded warehouse
    Bonded warehouse
    A Bonded warehouse is a warehouse in which goods on which the duties are unpaid are stored under bond and in the joint custody of the importer, or his agent, and the customs officers. It may be managed by the state or by private enterprise. In the latter case a customs bond must be posted with...

    s practically abolished drawbacks, as commodities can be warehouse
    Warehouse
    A warehouse is a commercial building for storage of goods. Warehouses are used by manufacturers, importers, exporters, wholesalers, transport businesses, customs, etc. They are usually large plain buildings in industrial areas of cities and towns. They usually have loading docks to load and...

    d (placed in bond
    Bond (finance)
    In finance, a bond is a debt security, in which the authorized issuer owes the holders a debt and, depending on the terms of the bond, is obliged to pay interest and/or to repay the principal at a later date, termed maturity...

    ) until needed for exportation.
  • In music, a 1996 album by industrial band
    Industrial music
    Industrial music is an experimental music style, often including electronic music, that draws on transgressive and provocative themes. The term was coined in the mid-1970s to describe Industrial Records artists...

     X Marks the Pedwalk
    X Marks the Pedwalk
    X Marks the Pedwalk was a German band whose styles ranged from post-industrial dance to electronic body music...

    , see Drawback (album)
    Drawback (album)
    Drawback is the name of the fifth and final album by German band X Marks the Pedwalk. It was released by Zoth Ommog in Europe and Metropolis Records in North America, both in CD format.-Summary:...

    . Also the name of a rock band
    Rock music
    Rock music is a genre of popular music that entered the mainstream in the 1960s. It has its roots in 1940s and 1950s rock and roll, rhythm and blues, country music and also drew on folk music, jazz and classical music....

     from Buffalo (myspace page).