A bonded warehouse , or bond , is a building or other secure area where wearable goods may be stored, manipulated or undergone a manufacturing operation without payment of duty. This can be managed by the state or by private companies. In the latter case, customs must be paired with the government. This system exists in all the developed countries of the world.
Once goods enter the warehouse, importers and warehouse owners bear obligations under the bonds. This obligation is generally canceled when the goods are:
- is exported; or deemed to be exported;
- withdrawn for supply to ships or aircraft in international traffic;
- destroyed under Customs supervision; or
- is withdrawn for domestic consumption after payment of duty.
While items are in bonded warehouses, they may, under scrutiny by the customs authorities, be manipulated by cleaning, sorting, repackaging, or altering their conditions by a process that is not the same as manufacturing. After manipulation, and in the period of warehousing, goods may be exported without payment of duties, or they may be withdrawn for consumption upon payment of duty at the rate applicable to the goods in their manipulated condition upon withdrawal. In the United States, goods may be stored in a bonded warehouse up to five years from the date of import. The bonded warehouse provides specialized storage services such as deep freezing or bulk liquid storage, commodity processing, and coordination with transport, and an integral part of the global supply chain.
Video Bonded warehouse
Type of bonded warehouse
Depending on the country or region, there are various options for storing goods in a bonded warehouse.
Temporary storage (RTO)
Temporary storage places offer the possibility of storing goods entering the EU customs area pending the use or treatment of the next customs approval.
Type B customs warehouse
Type B customs warehouse is a common duty warehouse. This means that the administrator (warehouse keeper) can make the space available to anyone who wants to keep items under customs control.
Cuser type C
A C customs warehouse is a private customs warehouse. This means that only the customs warehouse administrator (keeper of the warehouse) can store the items in it. These items do not have to be his, in this case: he can also store goods on behalf of others. In that case, the warehouse keeper will remain liable to the Customs for goods stored in the warehouse. The warehouse keeper is also the one who must provide security to the Customs.
Type D and E customs warehouse
Customs warehouses Type D and E are private customs warehouses, meaning only administrators (warehouse keepers) are allowed to store goods in them.
Free storehouse
Bonded Warehouse General is a building or place that is maintained and locked by Customs. Inside this building or in these places, anyone can keep things.
Special economic zone or Free zone
Unlike a free warehouse, a special economic zone is not a building or a place, but a location. This location is a carefully mapped and recorded geographic area. Sometimes this area is known as a bound logistics park.
Implementation
Depending on the different country, it is difficult to choose what type of warehouse should be chosen for different situations, for example, goods can be entered for temporary warehouses and then for consumption locally or they can be transported out-bound to other countries and placed in warehouses for a while , or they go in to the warehouse waiting for the retailer to transfer them.
In such complex circumstances, many importers and exporters try to use automation to help manage problems in bonded warehouses that, to some extent, can respond quickly to customer orders and product deliveries
Bonded Stores are places where they place items that are not otherwise usable or unusable.
Maps Bonded warehouse
History
Prior to the establishment of a bonded warehouse in the United Kingdom, the payment of import duties on imported goods should be made at the time of import, or bonds with a guarantee for future payments granted to the income authorities. The inconvenience of this system are many:
- It is not always possible for an importer to find sureties, and he often makes immediate sales of goods, to raise an assignment, often sell when the market is depressed and the price is low.
- Duty, to be paid at once, raises the price of the goods by the amount of interest on the capital required to pay the obligations.
- Competition is stalled from the fact that huge capital is required to import more tax-laden articles.
To avoid these difficulties and to check fraud on income, Robert Walpole proposed in his "tax scheme" in 1733, a warehouse system for tobacco and wine. The proposal was unpopular, and it was not until 1803 that the system was actually adopted. That year, imported goods must be placed in warehouses approved by the customs, and the importers will issue bonds for the payment of duties when goods have been moved.
The Customs Consolidation Act of 1853 is dismissed by the grant of bonds, and sets out various provisions to secure payment of import duty on stored goods. These provisions are contained in the Customs Consolidation Act of 1876, and the laws that amend the 1880 Customs and Excise and Revenue Act and the Revenue Act of 1883. These warehouses are known as "king's warehouses" and section 284 of the Customs Consolidation Act stipulated. them as "the place provided by the crown or approved by the customs commissioner, for the storage of goods for its safety, and the duties to be completed".
Under article 12 of the law, the treasury may designate ports or warehouses, and customs commissioners from time to time approve and designate warehouses at ports or places where goods may be stored or stored and fix the amount of rent to be paid. respect goods. The owner or colonist of any approved warehouse (except the existing special security warehouse, whose security by bond until now has not been distributed), or a person in its name, must, before the goods are stored therein, or other security as approved by the Board of Commissioners, for the payment of the full charge imposed on any goods held therein, or for existing exports (s 13).
All goods stored in warehouses, without payment of the first import duties, once entered for home consumption, are subject to charges with import duties on such items under any habits applicable upon passing such entry (section 19). The law also regulates various rules for the taking, landing, inspection, warehousing and custody of goods, and penalties for violations. The warehousing system proves to be very beneficial for both importers and buyers, as payment of duty is postponed until the goods are requested, while the deed of ownership, or warrant, may be transferred by authorization.
While items are in warehouses ("in bonds") owners can subject them to the various processes necessary to adapt them to markets, such as repackaging and mixing tea, squeezing, vatting, mixing and bottling of wine and spirits, coffee roasting, certain tobacco, etc., and certain special allowances made in connection with waste arising from the process or from leakage, evaporation and the like.
Bonded warehousing exists in many developed countries. They noted in the United States for their role in the production of bottles in bonding spirits.
src: c8.alamy.com
See also
- Customs valuation
- Logistics
- Import
- Export
src: www.thebondedwarehousestourbridge.co.uk
References
Source of the article : Wikipedia
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