customs bond


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Related to customs bond: performance bond

customs bond

n.
A surety bond that guarantees compliance with certain laws and regulations governing the importation of goods, especially the payment of customs duties.
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Policy Research Institute (PRI) chairman Dr Zaidi Sattar, World Bank Group's private sector specialist, Macro economics, trade and investment (MTI) global practice Nusrat Nahid Babi and Mashiur Rahman, joint commissioner of Customs Bond Commissionarate, NBR, among others, spoke on the occasion.
This will come as good news for traders in landlocked East Africa countries who have been pushing for a single customs bond guarantee scheme for the whole region amid concerns that high cost of complying with Kenyan and Tanzanian laws have raised their cost of production.
"The vehicles remain under customs bond in the control of Kenya Revenue Authority at our JKIA warehouses.
It further enhances the efficacy of the Dubai Logistics Corridor which links the port, free zone and airport under a unified customs bond, creating one of the most efficient sea -- air logistics link in the world.
It further enhances the efficacy of the Dubai Logistics Corridor which links the port, free zone and airport under a unified customs bond. DP World Group Chairman and CEO Sultan Ahmed bin Sulayem said: "Jebel Ali Port and Free Zone continue to invest in infrastructure in line with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, the Dubai Plan 2021 and the 'Emirate After Oil' strategy to diversify sources of income and build a sustainable economy based on knowledge and innovation.
It permits duty free temporary admission of goods into a member country without the need to raise customs bond, payment of duty and fulfillment of other customs formalities in one or number of foreign countries.
For a failure to redeliver, Customs can assess liquidated damages for a violation of the customs bond, which can be up to three times the value of the goods.
Alkhloofi will take the participants through an introduction of Jafza and the key features, including the world-class logistics infrastructure and the world's largest logistics corridor under a single customs bond, comprising Jebel Ali Free Zone, Jebel Ali Port and Al Maktoum International Airport.
The customs bond has been waived and exporters are returning to the US market," he pointed out.
They will certainly have to pay a customs bond when a horse arrives in Australia-even though that can be redeemed if the import is temporary.
It is being catalogued at a secret Customs bond in the city.

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