Customs bond

From ACT Wiki
Revision as of 09:51, 4 April 2021 by 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)
(diff) ← Older revision | Latest revision (diff) | Newer revision → (diff)
Jump to navigationJump to search

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.


See also

Retrieved from ‘https://wiki.treasurers.org/w/index.php?title=Customs_bond&oldid=13229’