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Mason Transfer and Grain Co., bonded warehouse on the South Texas Border. Taken by Robert Runyon sometime between 1900 and 1920.. A bonded warehouse, or bond, is a building or other secured area in which imported but dutiable goods may be stored, manipulated, or undergo manufacturing operations without payment of duty. [1]
Terms include free port (porto Franco), free zone (zona franca), bonded area (US: foreign-trade zone), free economic zone, free-trade zone, export processing zone and maquiladora. Most commonly a free port is a special customs area or small customs territory with generally less strict customs regulations (or no customs duties or controls for ...
The Warehousing Act of 1846, [1] was a commercial law that allowed merchants to warehouse their imports into the United States and thus delay tariff payments on those goods until a buyer was found. It established the bonded warehousing system at American ports and spurred the influx of commerce, particularly in New York City.
Goods may be stored in a bonded warehouse or a Foreign-Trade Zone in the United States for up to five years without payment of duties. Goods must be declared for entry into the U.S. within 15 days of arrival or prior to leaving a bonded warehouse or foreign trade zone.
A whisky bond, a type of bonded warehouse, is a building where whisky on which excise duty has not yet been paid is stored under lock and key. [1]The Cheapside Street whisky bond fire in Glasgow on 28 March 1960 was Britain's worst peacetime fire services disaster.
The Customs Consolidation Act 1853 (16 & 17 Vict. c. 107) allowed Legal Quays and bonded warehouses to be built outside the docks, and by 1866, nearly 120 riverside wharves had obtained these privileges. [4]
The Food and Drug Administration's new rules on "healthy" food labels are voluntary and are scheduled to take effect at the end of February.
Goods may be stored in a bonded warehouse or a Foreign-Trade Zone in the United States for up to five years without payment of duties. Goods must be declared for entry into the U.S. within 15 days of arrival or prior to leaving a bonded warehouse or foreign trade zone. Many importers participate in a voluntary self-assessment program with CBP.