Customs & Excise (Freight forwarding)
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Customs & Excise (Freight forwarding)

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.

Warehouse Bonds

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.

Agents Bond

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.

Requirements For Application

SME’s applying for a facility with PCBS needs to fulfil certain prescribed requirements by submitting the following documents:

  • Company profile (including an organogram and copies of the current and previous contracts)
  • Two years’ financial statements and three months’ bank statements
  • Letter of appointment
  • Contract information
  • Guarantee wording requirements
  • Company registration documentation
  • Copies of all members’ identity documents and income tax numbers
  • Copy of letterhead
  • Tax clearance certificates
  • CIDB certificate

All applications are subjected to a thorough analysis to establish the contractor’s risk profile. PCBS also determine contractors’ financial standing and their resource capabilities to fulfil the contract obligations. Furthermore, an owners’ character assessment is carried out.

 

Corporate Clients

  • Emphasis is placed on the financial standing of the contractor
  • Company structure and shareholding
  • Contract information
  • Guarantee wording requirements
  • Securities available

 

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Application Forms