Customs warehousing, sometimes called bonded warehousing, enables imported goods to be stored without payment of customs duty, or import VAT, until they are released to free circulation, or entered to another customs procedure. There is no time limit on storage in a customs warehouse, and a wide range of benefits, including:
- Cash flow advantage, through delaying payment of duty and import VAT until the point where goods leave the warehouse, instead of the point where they arrive at an inbound port or airport;
- No need to physically segregate duty paid stock from duty unpaid stock, providing stock systems are adequate;
- Multiple site approval, and duty-free transfer of stock between authorised sites;
- Export direct from warehouse, without any payment of customs duty or import VAT;
- Opportunity to undertake quality checks before paying duty and import VAT.
These are just some of the many benefits of customs warehousing – if your business stores imported goods for any length of time, why not complete our customs warehousing questionnaire and book an appointment to find out more?