Customs bond: Difference between revisions
From ACT Wiki
Jump to navigationJump to search
imported>Doug Williamson m (Amend wording.) |
imported>Doug Williamson (Correct typo - Revenue & Customs ordering.) |
||
| Line 1: | Line 1: | ||
''Trade finance.'' | ''Trade finance.'' | ||
A customs bond is a guarantee supplied by an importer in favour of a revenue authority, for example HM Customs | A customs bond is a guarantee supplied by an importer in favour of a revenue authority, for example HM Revenue & Customs in the UK. | ||
The customs bond is issued by a bank or insurance company in favour of the revenue authority. | The customs bond is issued by a bank or insurance company in favour of the revenue authority. | ||
| Line 20: | Line 20: | ||
* [[Guarantee]] | * [[Guarantee]] | ||
* [[Performance bond]] | * [[Performance bond]] | ||
* [[Performance guarantee]] | |||
* [[Retention bond]] | * [[Retention bond]] | ||
* [[Surety]] | * [[Surety]] | ||
Latest revision as of 19:31, 4 March 2023
Trade finance.
A customs bond is a guarantee supplied by an importer in favour of a revenue authority, for example HM Revenue & Customs in the UK.
The customs bond is issued by a bank or insurance company in favour of the revenue authority.
It guarantees that the import duty on imported goods will be paid, enabling the business to import and distribute goods before payment of the import duty.
Also known as a customs guarantee.
