A Customs bonded warehouse is a secured facility where imported goods can be stored without the payment of duties and taxes until they are ready to be released into the local market. It allows importers to defer the payment of customs duties and taxes until the goods are withdrawn from the warehouse. A Customs bonded warehouse is operated under the supervision of customs authorities and requires specific licenses and permits to operate. It can be a public or private facility, and can offer value-added services such as sorting, labeling, and repackaging of goods.
A: Customs warehouse and bonded warehouse are not the same thing. A customs warehouse is a facility that allows imported goods to be stored without payment of duties and taxes for a limited period of time, after which the goods must be either cleared for entry into the country or re-exported. A bonded warehouse, on the other hand, allows imported goods to be stored without payment of duties and taxes indefinitely, as long as the goods remain in the bonded warehouse.
A: The functions of customs bonded warehouse include providing a secure facility for the storage of imported goods, allowing for the postponement of payment of import duties and taxes, enabling the re-export of goods without having to pay duties and taxes, and providing a location for value-added services such as labeling, sorting, and repackaging.
A: The main advantage of using a customs bonded warehouse is that it allows importers to postpone the payment of import duties and taxes until the goods are sold or distributed. This can help to improve cash flow and reduce the overall cost of importing goods. Additionally, customs bonded warehouses can provide a secure and efficient storage location for imported goods, which can help to reduce the risk of theft, damage, or loss during transportation or storage.