Temporary Importation Warehouse Bond
Where goods are temporarrily imported and then exported , firms need to be exempted from paying duties. The issuance of a Temporary Importation Bond is an undertaking by the Guarantor that if goods are not returned to the country of origin by a specified date, the relevant duties (limited to the value of the Guarantee) will be payable by the Guarantor.
SARS (Customs) require a bond on warehouses storing imported goods to ensure that the predetrmined duty is paid once the goods have been cleared and removed. Failure by the firm to pay the duties timeoolsy will result in the Bond being called up and the Guarantor will be liable for the duties.
Removal in Transit Bonds
These bonds cover goods in transit to another destination. For example if goods are imported from Zimbabwe and the end user is Swaziland, the South African freight forwarding company does not have to pay duty with respect to these goods. A removal in transit bond is put in place to ensure that goods get to the final destination without duty being paid whilost in Transit.
Inward Processing Rebates
This bond covers the importation of raw materials without duty and the goods manufactured there from also being exported.
This bond is required by Customs from forwarding and clearing companies who handle goods on behalf of other companies for the due observation of SARS regulation and payment.