Customs Bonded Warehouse

In view of the fact that in international trade it may not at times be possible for persons, at time of importation, to know how the imported goods will finally be disposed of, BURS has authorised a number of companies to operate Customs Bonded Warehouses. Importers may therefore choose to store their imported goods for a period not exceeding 5 years in these Customs Bonded Warehouses before they are finally disposed of. When the goods are intended for clearance for home use, the Customs warehouse procedure enables the importer to delay the payment of the import duties and taxes until the goods are actually taken into home use. The importer may also choose to place the goods in a warehouse until they can meet the conditions relating to restrictions or prohibitions. Where it is intended to re-export the goods, it is also in the importer’s interest to place them under a Customs procedure which obviates the need to pay the import.