Did you know that in terms of section 70 of the Customs and Excise Act (Chapter 23:02) any importer of goods may import dutiable goods into a licensed bonded warehouse without paying duty on the goods.
What is a bonded warehouse?
This is a structure built to certain specifications, approved by the Commissioner and licensed to be used as a bonded warehouse in terms of section 68 of the Customs and Excise Act. It is where imported goods that are subject to duty, are lodged, kept and secured without the payment of duty or until the requirements of the Customs and Excise Act are fulfilled.
How do I import goods and store them in the bonded warehouse?
Approach a licensed bonded warehouse proprietor to seek authority for the temporary storage of your goods;
The proprietor will issue the letter authorising the use their premises. The letter will also make reference to the specific consignment.
Submit an application to the Station Manager at the port where the goods are to be cleared seeking authority to remove the goods in bond to the bonded warehouse;
After approval, submit an entry for removing the goods in bond for warehousing;
Import the goods and generate a warehousing bill of entry at the Customs House nearest to the bonded warehouse.
How do I withdraw goods from the bonded warehouse?
Submit a consumption entry for the quantity of goods that you want to take out of the warehouse. A physical inspection of the goods can be called upon to confirm the quantity of goods being taken out for consumption.
Goods can only remain in a bonded warehouse for a maximum period of 2 years in terms of Section 76 of the Customs & Excise Act otherwise they should be exported in Bond or re-entered for consumption before expiry of the 2 years.
Goods that remain in a bonded warehouse after the 2 years may be disposed to recover the duty due on the goods.
Can all goods be imported into a bonded warehouse?
Not all goods can be imported into a bonded warehouse.
Examples of goods that cannot be stored in a bonded warehouse include:
Goods which do not attract any duty on importation;
What are the advantages of importing goods into a bonded warehouse?
Assists in easing cash flow challenges as duty will be paid on the quantity withdrawn as per immediate requirement.
Ensures continuous production as raw materials will be kept in the premises rather than imported when required.
Importing goods into bonded warehouses also eases stock management
Disclaimer: This article was compiled by the Zimbabwe Revenue Authority for information purposes only. ZIMRA shall not accept responsibility for loss or damage arising from use of material in this article and no liability will attach to the Zimbabwe Revenue Authority.
Source : The Herald