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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 ...
Bonded warehouse; C. Canada Corn Act 1843; Canadian import duties; ... Court of Exchequer (Scotland) Customs; Customs bond; Customs clearance in China;
Free zones may reduce or eliminate taxes, customs duties, and regulatory requirements for registration of business. Zones around the world often provide special exemptions from normal immigration procedures and foreign investment restrictions as well as other features.
In the United States, duty-free shops are technically considered class 9 Bonded Warehouses with regard to the U.S. Customs & Border Protection: Class 9. Bonded warehouse, known as duty-free stores, used for selling, for use outside the Customs territory, conditionally duty-free merchandise owned or sold by the proprietor and delivered from the ...
A customs area is an area designated for storage of commercial goods that have not cleared border controls. Commercial goods not yet cleared through customs are often stored in a type of customs area known as a bonded warehouse, until processed or re-exported.
The definition should be understood in meaning The International Convention on the Simplification and Harmonization of Customs Procedures (Revised Kyoto Convention) uses the term “free zones” which the revised convention describes as “a part of the territory of a Contracting Party where any goods introduced are generally regarded, insofar as import duties and taxes are concerned, as ...
The building was used for offices, cold storage, bonded storage and light manufacturing. Among its tenants was the Minister of Customs & Excise, the Canadian Doughnut Company Ltd., Elizabeth Arden and Black and Decker. Its use as a marine terminal declined in the 1960s as container facilities opened in the east part of the harbour. [6]