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 ?
"Having access to a bonded warehouse means we do not have to pay VAT and duty immediately when containers come in."
(SIA) collected the consignment and placed it on a truck for delivery to its bonded warehouse. As a result of the conceded negligence of SIA's driver, however, part of the consignment fell off the truck on the way and was damaged.
Liability in the foreign trade zone is more complicated than in a bonded warehouse and often dictated by the specific situation.
The eight-storey apartment - to be built on an existing car parking area - is not as high as the initial design for offices after the developer, The Bonded Warehouse Partnership, was asked by planners to scale it down.
Eduardo Cruz is president of bonded warehouse Dry Port Sao Paulo, an operation that sits strategically near the international airport of Sao Paulo in the Guarulhos suburb.
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.
The vehicles are held in its customs bonded warehouses at the Jomo Kenyatta International Airport.
Project proponent PSI is among the pioneers in the logistics industry and has been operating a Customs Bonded Warehouse at the Ninoy Aquino International Airport Complex for over 40 years.
He said the Industry Ministry will suggest the National Board of Revenue (NBR) to provide the "Central Bonded Warehouse" facilities for chemical import.
Maritime industry stakeholders and port users have urged the management of the Nigeria Customs Service (NCS) to urgently review the process that enabled individuals and organisations to obtain permits to operate bonded warehouse terminals without possessing the necessary equipment to inspect containers bringing goods into the country.
The Bonded Warehouse on the Fish Quay, Low Street, has undergone extensive refurbishment and has been split into two spaces.
According to documents available with reporter, the Director General Intelligence and Investigation-FBR has written a letter (C No 1 (19) DGCI/Enf-III 2013/925) to a senior official of the FBR customs stating that M/S Sun Diplomatic Bonded Warehouse, Islamabad, which has been authorised to import the liquor to foreigners by the Ministry, of Commerce, has been involved in massive smuggling of liquor, using alarmingly heavy under invoicing as modus operandi.