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Deferred Payment System

A security deposit or bank guarantee is required to temporarily import goods for re-export, goods cleared at dryports, sensitive goods of investment firms, or goods in dispute to cover customs duties and taxes. Deferred payment of duties is allowed for up to 10 days for companies with a good record according to regulations, but this is rarely used in practice. The draft customs law aims to address this deferred payment system.

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Samar Malik
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45 views

Deferred Payment System

A security deposit or bank guarantee is required to temporarily import goods for re-export, goods cleared at dryports, sensitive goods of investment firms, or goods in dispute to cover customs duties and taxes. Deferred payment of duties is allowed for up to 10 days for companies with a good record according to regulations, but this is rarely used in practice. The draft customs law aims to address this deferred payment system.

Uploaded by

Samar Malik
Copyright
© © All Rights Reserved
Available Formats
Download as DOC, PDF, TXT or read online on Scribd
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DEFERRED PAYMENT SYSTEM FOR CUSTOMS DUTY AND OTHER TAXES

A security deposit or guarantee is required to cover duties and taxes of (a) temporary
imports for re-exportation (which is refunded upon re-export), (b) goods cleared at
Dryports, (c) temporarily imported sensitive goods (prohibited/restricted, high-tariff, or
smuggling-prone) of investment firms, or (d) goods in dispute (i.e. with claims of
exemption). However there is no drawback system. A bank deposit is the acceptable
form of security.
Deferred or post-entry payment of duties is not provided by the 1989 law although
regulations allow a 1 week to 10 day period between release and due date for
companies with a good track record. However this is rarely used. The draft Customs law
covers this.

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