Customs guarantee: Difference between revisions
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imported>Doug Williamson m (Amend wording.) |
imported>Doug Williamson (Mend typo - Revenue & Customs orderingl) |
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''Trade finance.'' | ''Trade finance.'' | ||
A customs guarantee is a guarantee supplied by an importer in favour of a revenue authority, for example HM Customs | A customs guarantee is a guarantee supplied by an importer in favour of a revenue authority, for example HM Revenue & Customs in the UK. | ||
The customs guarantee is issued by a bank or insurance company in favour of the revenue authority. | The customs guarantee 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]] | |||
* [[Retention bond]] | * [[Retention bond]] | ||
* [[Surety]] | * [[Surety]] | ||
Latest revision as of 19:31, 4 March 2023
Trade finance.
A customs guarantee is a guarantee supplied by an importer in favour of a revenue authority, for example HM Revenue & Customs in the UK.
The customs guarantee 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 bond.
