Customs bond: Difference between revisions
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''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. | ||
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* [[Guarantee]] | * [[Guarantee]] | ||
* [[Performance bond]] | * [[Performance bond]] | ||
* [[Performance guarantee]] | |||
* [[Pony up]] | |||
* [[Retention bond]] | * [[Retention bond]] | ||
* [[Surety]] | * [[Surety]] | ||
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[[Category:Accounting,_tax_and_regulation]] | [[Category:Accounting,_tax_and_regulation]] | ||
[[Category:Manage_risks]] | [[Category:Manage_risks]] | ||
[[Category:Risk_frameworks]] | [[Category:Risk_frameworks]] | ||
[[Category:The_business_context]] | |||
[[Category:Trade_finance]] | [[Category:Trade_finance]] | ||
Latest revision as of 16:29, 22 February 2025
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.
