Customs bond: Difference between revisions

From ACT Wiki
Jump to navigationJump to search
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.)
Line 24: Line 24:
* [[Tender]]
* [[Tender]]
* [[Trade finance]]
* [[Trade finance]]
[[Category:Accounting,_tax_and_regulation]]
[[Category:The_business_context]]
[[Category:Manage_risks]]
[[Category:Risk_frameworks]]
[[Category:Trade_finance]]

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.


See also