GLOSSARY

Bonded Goods

Bonded Goods are imported shipments on which customs charges, including duties, taxes, and any penalties are still owing.

What is Bonded Goods?

Bonded Goods are imported shipments on which customs charges, including duties, taxes, and any penalties are still owing. Bonded goods, also referred to as bonded cargo, are kept in an area of a warehouse controlled by customs authorities, called a customs bonded warehouse.

They are dutiable goods upon which excise duty has not been paid - i.e. goods in transit or warehoused pending use. The bond is the agreement entered into by the owner of the dutiable goods with the Customs and Excise Authority in which he promises to pay the duty when the goods are released for final distribution or use or in the event of them being lost or stolen.

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