|Product / Goods Details||Warehouse|
|Service Type||Bonded Warehousing Services|
Many people have heard of bonded warehouses, but they aren’t exactly familiar with them or do not understand how they work. Essentially, it is a secure location where imported goods are stored or manipulated without the importer or warehouse owner having to pay duty.
The government owns many of these types of warehouses, but some are also owned by private companies. Private bonded warehouses require a posted customs bond and some customs supervision. These types of warehouses can be found around the world, but each country may have slightly different rules regarding how they can operate.A bonded warehouse is a secure space where goods liable to import duty and or Value Added Tax (VAT) are stored. Duty and VAT payments are deferred until the goods are sold or removed from the bonded warehouse. This method of storage has obvious benefits for sellers who import/ sell goods liable to these charges.
Storage is often Long-Term