Glossary
Customs Bonded Warehouse
A facility where imported dutible products can be stored and controlled up tp 5 years without duty payment.
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What is a customs bonded warehouse?
A customs bonded warehouse is a secure building where goods imported into a country are stored until they are declared to customs authorities, duties are paid, and the goods are released into the commerce of the country. The goods are secure and are not subject to normal customs duties until they are released.
The use of customs bonded warehouses is common in countries where the duty rate on imported goods is high. It is designed to protect the revenue of the country by ensuring that duties are paid on imported goods. For importers, it allows them to store goods in a secure environment, free of duty payments until they are ready to be released into the market.
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