Warehousing is the practice or business of storing, holding and handling goods in a warehouse. A Customs Bonded warehouse is a warehouse licensed by the Commissioner of Customs for the storage of goods imported into the region pending the payment of duties. The goods are stored in the joint custody of the bonded warehouse keeper and Customs. Below is a brief on bonded warehouse operations.
Q: What are the benefits of using a Customs Bonded Warehouse?
The benefits of using a customs bonded warehouse are:
- On-site storage;
- Just-in-time delivery for both manufacture and general trade;
- Less cash tied up in duties and taxes;
- Deferred payment of taxes