In the EU, dutiable goods may be stored in a customs warehouse
free of duty and VAT. There is no storage time limit and the duty
and VAT is only payable when the goods are removed to free circulation,
thereby improving cash flow. Furthermore, goods may be stored whilst
awaiting key supporting documentation, such as certificates of origin
which were not available at the time of importation. EU customs
legislation allows for 6 different types of customs warehouse, referred
to as Types A-F. A customs warehouse may be the whole of a building,
a small room in a building, an open site, a silo, or a storage tank,
etc.
Type E (Virtual) Customs Warehouses represent
an exciting concept in that they are
based on the authorisation of systems,
rather than specific locations. The goods
can be at any notified storage site belonging
to the authorized trader, or in transit
between such locations. Movements between
one site and another are permitted without
any official documentation. However,
as Type E is a flexible system and customs
controls are kept to a minimum, certain
conditions must be satisfied. For example,
your computer, stock control and accounting
systems must be approved by Customs;
you must have a sound revenue record
and you must use simplified removal procedures.
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