what is meant by bonded warehouse
Answers
Answered by
7
A bonded warehouse, or bond, is a building or other secured area in which dutiable goods may be stored, manipulated, or undergo manufacturing operations without payment of duty.[1] It may be managed by the state or by private enterprise. In the latter case a customs bond must be posted with the government. This system exists in all developed countries of the world.
Upon entry of goods into the warehouse, the importer and warehouse proprietor incur liability under a bond. This liability is generally cancelled when the goods are:
exported; or deemed exported;
withdrawn for supplies to a vessel or aircraft in international traffic;
destroyed under Customs supervision; or
withdrawn for consumption domestically after payment of duty.
Upon entry of goods into the warehouse, the importer and warehouse proprietor incur liability under a bond. This liability is generally cancelled when the goods are:
exported; or deemed exported;
withdrawn for supplies to a vessel or aircraft in international traffic;
destroyed under Customs supervision; or
withdrawn for consumption domestically after payment of duty.
Similar questions