Customs warehouse as cargo storage

2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16

The first bonded warehouse arose in France in the middle of the seventeenth century. It was a special room where certain goods and supplies were stored. It was created by order of the French king.

Customs warehouse is a regime in which imported goods are kept under control without any duties being levied. Economic measures are not applied to the cargo. The goods to be exported are under customs control with the provision of a number of benefits that are provided for by law. These include: refund of the amount paid, tax exemption and others.

Customs warehouse is a reserve of goods, the maintenance of which does not bring any losses to the state. Its use may be especially important during any significant shocks, including possible crop failures, embargoes, economic crises and the like.

In fact, the goods placed in such a warehouse are outside the national territory. This is one of the reasons why they are not in this caseare taxed. In this case, duties are charged only upon the conclusion of the transaction. The acceptance of goods into a customs warehouse can facilitate foreign trade operations, since it gives a choice: to sell it on the national market or move it abroad. Any cargo can fall under this regime, except for those prohibited by law for import or export. The last category includes: weapons, sources of atomic radiation, narcotic or psychotropic drugs, nuclear materials. To place goods in a customs warehouse, you need to present a cargo declaration, accompanying and other documents. Products of animal or vegetable origin imported from abroad require phytosanitary and veterinary control.

The bonded warehouse regime is beneficial in that it allows you to purchase goods at the moment when the offer is the most profitable, and sell when the demand for them on the foreign market is optimal. Also, when importing, it will help to avoid paying the entire amount of taxes. Therefore, this regime can be very beneficial for both importers and exporters. To use it, you must have a special license.

Customs warehouse can be private or public, depending on the type of founder. The first type is created by any enterprises or organizations that do not have the status of a legal entity. And the public vault opens the corresponding regional office.

According to the level of access, customs warehouses can be open (available for use by any citizen) orclosed (that is, intended only for the storage of goods of certain persons).

The total period of stay of goods in this mode cannot be less than one year and more than three years. The exact duration of storage of goods is determined only by contract. It is drawn up between the person interested in keeping the goods in this regime and the relevant authority. Customs warehouse services mainly consist in the clearance and storage of goods. The Owning Authority bears full responsibility for the loss, damage or shortage of the accepted cargo.