A bond refers to goods kept under customs control. The duties and VAT on these goods will not need to be paid until the goods are cleared out of customs control. This includes imported goods not yet cleared through customs, customs excise warehouses and other storage areas approved by customs for this purpose.
A remover of goods in bond license is used to:
- Transport imported goods form a border post to an internal customs controlled storage area or rebate store.
- Tranship goods through South Africa (for example goods land in Durban harbour and are exported to Zimbabwe).
- Transport goods from a bonded warehouse to a border post (for example from an Excise store to an airport or seaport).
Accurate records of goods transported in bond need to be kept for 5 years. The remover of goods in bond will also need to have a security in place that covers the value of the VAT and import duties for the goods transported in bond.