Bonded ware­houses

The Myanmar Times - Weekend - - Business -

EAR­LIER this year, Daizen Myan­mar be­came the first com­pany in the coun­try to es­tab­lish reg­is­tered bonded ware­houses.

Bonded ware­house al­lows the stor­age of for­eign car­goes held on ac­count, i.e. stor­ing car­goes be­fore pay­ing cus­toms duty and com­mer­cial tax.

On a more tech­ni­cal level, car­goes held on ac­count refers to car­goes in tran­sit for stor­age in free zone ware­house per­tain­ing to the tem­po­rary stor­age of car­goes from a for­eign sup­plier with­out pay­ment of du­ties and other taxes un­til such car­goes are sold or shipped out of the coun­try.

By hav­ing bonded ware­houses, goods can be taken out of the ports be­fore go­ing through the cus­toms clear­ance process. This saves a lot of time and im­proves the con­ges­tion sit­u­a­tion.

Cur­rently, bonded ware­houses are only per­mit­ted in Thi­lawa SEZ.

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