Revenue Customs Bond

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Secure duty payments with Revenue & Customs Bonds for cash flow benefits.

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What is a duty deferment guarantee of a revenue & customs bond?

Just as the tax warehouse bond, a duty deferment guarantee is a revenue & customs bond which acts as a guarantee to revenue and customs for the payment of duty and taxes on imported goods. The difference being, a deferred payment facility is an authorisation that allows traders to defer payment of duties and taxes, these include customs, VAT at import, excise and VRT. This allows a trader to pay the charges due by direct debit in the following month.

In all instances, lodgement of a guarantee and compliance with the conditions of the authorisation is required. The authorisation allows the approved trader to pay the duties/taxes due by direct debit on a date in the month following the transactions. excise traders operating from a warehouse must operate on a deferred basis only.

For traders, the securing of a duty deferment guarantee and its deferment period provides a valuable cash flow advantage.

See Revenue for further details and guidance.

Why get a duty deferment guarantee?

  • For the trader, deferring the payment of import duty alleviates cash flow pressures as they await import goods.
  • For the importer, it avoids delays and possible fines.
  • In the case of excise traders operating from a warehouse, it is obligatory.
  • For the distillery, it allows for the deferment or suspension of the payment date for duties on spirits.
  • For the state (the principal), it is a guaranteed that payment for import duties & taxes will be received on an agreed date.
  • It is in line with European Union transit procedures

Who requires a duty deferment guarantee?

  • Excise trades operating from a warehouse.
  • Importers
  • Exporters
  • Freight forwarders (eg; food, alcohol, clothing)
  • Logistic companies

Who is the beneficiary of a duty deferment guarantee?

  • The state – revenue & customs

Avoiding operational delays and possible fines, whilst avoiding cash flow constraints all makes good business sense. Ensuring you have the correct revenue & customs bond in place in good time is therefore good business sense. Whether you are an importer, exporter, logistics company or the owner of a distillery, contact us today to discuss your surety requirements.

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