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 (Classify page.) |
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Revision as of 09:51, 4 April 2021
Trade finance.
A customs bond is a guarantee supplied by an importer in favour of the a revenue authority, for example HM Customs & Revenue 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.
