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A bonded warehouse is a secure site to store the imported goods without paying customs duty. All the taxes and duties become payable when goods leave the warehouse and are delivered to their next destination.
There are generally two types of bonded warehouses:
A wet bonded warehouse stores goods that are subject to excise taxes, such as tobacco and alcohol. On the other hand, a dry-bonded warehouse is allowed to keep general goods that are not liable to excise duties but to VAT and customs duties.
Congratulations! This indicates that you have a well-established trade compliance procedure. Ongoing vigilance and expertise are necessary to achieve and maintain 100% compliance. Despite having comprehensive trade compliance knowledge, navigating the intricacies of import/export regulations can be difficult. Thus, consider getting assistance from industry leaders like iCustoms to serve as your reliable partner throughout the procedure.
Oh, that is alarming! Your answers show that you have some serious mishaps in your trade compliance policies. Reach out to iCustoms to cope with all the issues, whether it be unclear records, missing documents, or lack of established protocols, saving you from fines and penalties during an audit.
You’re halfway there! This figure demonstrates that you have the basic trade compliance procedures in place, but it still needs to be improved. iCustoms can assist you with clear agreements, easy documentation, HS code verification, or any other issue you may face.
Solid progress has been made! It is evident from your response that you have a stable grasp of important areas of compliance. However, there could be some other areas requiring additional attention, which may be internal audit procedures, anti-dumping duties, or others.