Common Customs-Bonded Warehouse facility

Jazmine

New member
All importations in our country are levied customs duties and taxes, not to mention the fees that are required to grease the hands of some people (including security guards). Our country's laws, however, provide incentives to companies who are exporting 100% of their imported items. Companies who are registered under the Board of Investments as exporter can avail of the services of a common customs-bonded warehouse ( a non-government organization) and cut their production costs significantly through exemptions in customs duties and taxes. Other benefits include expedited release of documents and raw materials. This incentive, however, comes with administrative burdens as the export company had to liquidate the importation and prove that it was fully re-exported. Membership to this common-bonded warehouse also meant the company had to comply with reporting requirements of the Board of Investments (a government agency) which include quarterly detailed report of export sales, importations, and audited financial statements.

Is there such a system in your country? If none, what are your government's incentives for exporters?
 

rz3300

New member
Re: Common Customs-Bonded Warehouse facility

As much as I would really like to be able to say that I knew more on the ins and outs of the government policies and incentives here, I really do not. It really does make me want to go a a little research on the subject though.
 

Alexandoy

New member
Re: Common Customs-Bonded Warehouse facility

I think this scheme was created for the benefit of outsourcing agencies who get jobs from abroad. Take for instance the garments makers who are contracted by a foreign company to make clothing items. Some of the materials are imported from other countries but in effect, the finished product will be exported in the end. This facility of the government is like giving favors to exporters of finished product. I’d say it is a good one.
 

emeliaingram14

New member
Re: Common Customs-Bonded Warehouse facility

I think this scheme was created for the benefit of outsourcing agencies who get jobs from abroad. Take for instance the garments makers who are contracted by a foreign company to make clothing items. Some of the materials are imported from other countries but in effect, the finished product will be exported in the end. This facility of the government is like giving favors to exporters of finished product. I’d say it is a good one.
Well i think so too, some of products that is exported for example like the Iphone. US outsource raw materials in china and then finished products will be exported to the US and then US will sell the Iphone. Kinda like that, am i right?


Regards,
Emelia I.
BRI Customs Brokerage
 
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