Description
Bonded goods storage warehouses can be used for the storage of goods with a tax and/or VAT liability due to: goods imported into South Africa and not yet cleared through customs, goods intended for export that are imported temporarily and stored in South Africa, and goods that incur an excise tax. The Customs and Excise Act offers traders an option to attain large volumes of dutiable (taxable) imports and production at once, but declare the goods in increments. Doing so allows companies to manage their tax expenses over a period of time as the goods are required. With a bonded goods storage warehouse, payment of customs duties and taxes can be deferred for up to two years.
To function as a Customs and Excise warehouse, a designated area within the company’s premises must be cordoned off, approved according to regulations, and registered with SARS. Entry and exit of goods into these storage warehouses needs to be documented. Customs reserves the right to inspect the premises and audit all records.
Delivery: 30-60 working days*
*Based on standard customs processing times, subject to change
