Customs guarantee
Also called: security · teminat
Financial security, such as a cash deposit, bank guarantee or surety undertaking, provided to ensure payment of a customs debt that has arisen or may arise. It is required for transit, special procedures and deferred payment, and comprehensive guarantees can cover several operations up to a reference amount.
In practice
Guarantee costs and limits often decide whether a business can use transit or warehousing, and AEO status can reduce or waive them.
EU
Türkiye
UKRelated terms
- Customs debt
- The legal obligation to pay import or export duty on specific goods. It arises at the moment a declaration is accepted for release for free…
- Transit
- A procedure that lets goods move under customs control from one point to another, within a territory or between countries, without paying duties and…
- Customs warehouse
- A place authorised by customs where non-Union goods can be stored without paying import duty and VAT until they are released for free circulation or…
- Authorised Economic Operator
- A status granted by customs to operators that meet criteria on compliance, record-keeping, financial solvency and, for the security type, safety…
- Customs bond
- A US contract between the importer, a surety company and CBP guaranteeing payment of duties, taxes and penalties and compliance with regulations. A…