Customs bond: Difference between revisions
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imported>Doug Williamson (Create page. Sources: UK gov https://www.gov.uk/guidance/import-and-export-customs-comprehensive-guarantees-ccgs#:~:text=A%20customs%20guarantee%20is%20an,procedures%2C%20known%20as%20potential%20debt and BBA https://www.bba.org.uk/customers/business-bank) |
imported>Doug Williamson (Correct typo - Revenue & Customs ordering.) |
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''Trade finance.'' | ''Trade finance.'' | ||
A customs bond is a guarantee supplied by an importer in favour of | 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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* [[Bid bond]] | * [[Bid bond]] | ||
* [[Bond]] | * [[Bond]] | ||
* [[Customs duty]] | |||
* [[Duty]] | * [[Duty]] | ||
* [[Guarantee]] | * [[Guarantee]] | ||
* [[Performance bond]] | * [[Performance bond]] | ||
* [[Performance guarantee]] | |||
* [[Retention bond]] | * [[Retention bond]] | ||
* [[Surety]] | * [[Surety]] | ||
| Line 24: | Line 26: | ||
* [[Tender]] | * [[Tender]] | ||
* [[Trade finance]] | * [[Trade finance]] | ||
[[Category:Accounting,_tax_and_regulation]] | |||
[[Category:The_business_context]] | |||
[[Category:Manage_risks]] | |||
[[Category:Risk_frameworks]] | |||
[[Category:Trade_finance]] | |||
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.
