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CUSTOMS WAREHOUSINGCM4 PRELIMS Module Arvy Noleal Osma, LPT, CB, MBA Asst Prof II, BSCA Dept * February 2021I.OVERVIEWCustoms warehousing allows the owner to hold imported nonCommunity goods in the
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01
Determine if your goods are eligible for customs warehousing by checking the regulations and restrictions.
02
Apply for a customs warehousing authorization with the appropriate customs authorities.
03
Complete the necessary documentation for each consignment of goods being placed in customs warehousing.
04
Notify the customs authorities when the goods are placed in customs warehousing and when they are removed.
05
Ensure that all storage and handling procedures comply with customs regulations while the goods are in customs warehousing.

Who needs customs warehousing - googleapiscom?

01
Businesses that import/export goods and want to temporarily store them without paying import duties or taxes immediately.
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Companies that need to delay the payment of customs duties until their goods are sold or moved to another customs procedure.
03
Organizations that require flexibility in managing their inventory and supply chain operations.
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Customs warehousing refers to storing imported goods in a designated area without paying duties until the goods are released for circulation into the country.
Importers or businesses that store goods in customs warehouses are required to file customs warehousing declarations.
To fill out customs warehousing declarations, importers must provide information about the goods being stored, their value, origin, and other relevant details.
The purpose of customs warehousing is to facilitate trade by allowing businesses to store goods without paying duties until the goods are ready to be released into the market.
Information such as the description of the goods, their value, quantity, origin, and other relevant details must be reported on customs warehousing declarations.
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