Customs Licensing – Bond Stores

Did you know… Customs Bond Stores are part of a Government dispensation to help your company improve its cash flow and to save money?

This benefit can be attained over a period of two years from importation. In addition, you can extend this period when combined with similar Government dispensations.

Types of Bond Stores

The Two Broad Categories of Bond Stores Include:

  1. OS (Operating Store) – a standard Bond store for the storage of goods.
  2. SOS (Special Operating Store) – a special Bond Store for the storage of goods for specific or special circumstances.

Customs duties and VAT may be deferred for a period of up to two years in a Bond Store. Thereafter, one is obligated to clear the goods Ex Bond and pay the duties and VAT.

Numerous other Ex Bond options are available such as Rebating, Change of Ownership and Re-Exportation of goods.

Public and Private Stores

The new Customs legislation makes a clear distinction between Bond Stores which are intended for “Private” use, and those which are intended for “Public” use.

  1. Private Bond Stores: These are used by importers who own their own Bond Store not for other parties.
  2. Public Bond Stores: These are owned by Customs Clearing Agents, Customs Licensed Depots and the like. They are intended to be open to all clients.

The Customs Hub specialises in Bond Store applications, as well as applications for Surety Bonds.

We help our clients with Surety Bond calculations. Importantly we are able to obtain client data directly from SARS for this purpose.

Please Contact us for advice or a quotation.

POST-LOCKDOWN: 7 QUESTIONS CONCERNING IMPORT & EXPORT CUSTOMS ISSUES?

Do you have anxieties about import or export issues given the circumstances of the Lockdown restrictions?

Have you identified opportunities because of the Lockdown restrictions?

Are you looking for support on how to navigate post lockdown Customs issues for your import or export business?

We have provided 7 x questions for consideration of your lockdown blues, including information about our Online Support Group.

LOCK-DOWN: CUSTOMS PERIODS EXTENDED

There is a Draft Bill out for public comment which proposes a state of “dies non”, i.e. days which do not count for legal purposes.

These include specified Customs activities (listed herein).

In other words, activities which attract “due dates” or “deadlines” will be extended by the equivalent of 21 days, i.e. the lock-down period.

COVID-19 CUSTOMS DUTIES REBATED – INCREASE IN OTHERS

We understand that there is little or no symbiosis in the duty structures of luxury goods and those attracting environmental levies on the one hand, and the rebating of Customs duties for goods relating to disaster relief programs on the other.

Working from Home: How my Clients Benefit

I left my full-time employment two years ago and started my own Customs Consulting practice. My company, The Customs Hub, provides clients with expert advice on import and export Customs solutions. Leaving behind the corporate world means that I get to work happily from home, benefitting both me and my clients greatly.