Customs Bond


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Related to Customs Bond: performance bond

Customs Bond

A bond or insurance policy covering a company in the event that it loses money as the result of failing to comply with customs regulations. A customs bond is posted with the government of the importing country to guarantee payment of fines and other fees.
References in periodicals archive ?
Tanzania is the only EAC state that does not recognise the Common Market for Eastern and Southern Africa (Comesa) Customs Bond Guarantee Scheme which shippers execute at the Mombasa port to move goods through Kenya, Uganda, Burundi, Rwanda and South Sudan.
Vehicles that require customs bond are stored in licensed customs bonded warehouses under the customs authority, in Kenya's case - the Kenya Revenue Authority.
The effect of the anti-dumping duty and customs bond enforced from 2004 was dramatic on Indian seafood exports.
* Post a customs bond. This can be done through a customs broker or by leaving a cash deposit using a bank draft or the local foreign currency.
The taxpayer contends that the Foreign Commerce Clause, Customs Convention on Containers and Import-export Clause preclude imposition of state sales tax on the lease of instruments of international traffic that enter the United States under Customs bond and are used exclusively in foreign commerce.
Customs Bond Commissionerate is the key functionary to monitor operation of bonded factories, including bond-to-bond transfer,under authority and in accordance with the provisions of the Customs Act, 1969 read with relevant Rules, Standing Orders, Orders etc.
It will highlight Dubai's sea-land-air link, which allows the free movement of goods between Jebel Ali Free Zone, Jebel Ali Port, one of the busiest ports in the world, and Al Maktoum International Airport, which is designed to handle 12 million tonnes of freight, within a single customs bond.
Trade Risk Guaranty's website features do-it-yourself trade facilitation products including Customs bond, import/export commodity insurance, HTS classification and direct filing.

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