Bonded Warehouse


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Bonded Warehouse

A warehouse in which imports may be stored without payment of tariffs or other duties for a certain period of time. A bonded warehouse provides not only space but also facilities to clean, repackage or even complete the manufacture of the imports. Importers have a given period of time (such as five years) to pay the tariffs and remove the goods from the bonded warehouse. It is called a bonded warehouse because the importer must post a bond to compensate the government if the goods are released without tariff payment. It is also called bonded storage or a bonded terminal. See also: Bonded goods.
References in periodicals archive ?
The decisive issue was whether a limitation- of-liability clause in the standard form of air waybill applies during the road transport of cargo to a bonded warehouse located outside the perimeter of Melbourne Airport.
change of ownership) to the product does not occur until inspection and testing has been completed inside the bonded warehouse or foreign trade zone and the buyer is satisfied with the quality.
Despite imperfections, the bonded warehouse law and other changes show that Brazil is making an effort to make trade easier.
If the merchandise is removed from the warehouse for transportation and re-warehousing at another port, or transferred to another bonded warehouse at the same port, then no duties are due.
Now, the ground floor of the 19th Century bonded warehouse will have a tank beer-focused tap house, and the upstairs will become the hub for weddings, events and gigs.
The Government of Rwanda has signed a partnership deal with Alpha Logistics Limited to construct a modern bonded warehouse at Petit Barrire, Rubavu District in the Western Province.
In a report to the Senate Tax Study and Research Office, Customs Commissioner John Sevilla said the BOC undertook an initial re-assessment of duties and taxes following the suspension of Mighty's license to operate a custom bonded warehouse and demanded payment of P852.
It was reported that the BOC has closed down the customs bonded warehouse of Mighty Corporation after a special task force allegedly found the firm to have committed serious violations of the Tariff and Customs Code.
At one point, I visited the agent's office as an extension was running out and was told it would not be granted and that I HAD to place the vehicle in the government bonded warehouse.
The FBR has provided relief to the business community by extending the warehousing period and waiving off the penal surcharge on overstayed goods, lying un-cleared in the Customs Bonded warehouse.
The site, created by wine merchant Berry Bros & Rudd, lets customers sell and buy wines stored in Berrys' UK bonded warehouse.
The company was set up by Benigo Martinez, Nigel O'Sullivan, David Jones and Greg Williams, who were previously directors of Cellar Wines Direct At their purpose-built bonded warehouse on Cardiff's Penarth Road, the first bonded warehouse in Wales for 28 years, Fine Wines Direct offers a unique portfolio of wines from Europe and around the world.