Vanuatu's Customs Checks In On Bonded Warehouses
by Mary Swire, Lowtax.net, Hong Kong
18 August, 2016
Vanuatu's Customs Division has recently increased oversight of bonded warehouses.
The initiative is intended to boost revenues by ensuring compliance from bonded warehouses, which allow for the importation of goods on a temporary basis without incurring taxes (although a bond may be required), and to ensure the territory is ready for the introduction of ASYCUDA World, a modernized customs management system, which is expected to be in place by January 2017.
Customs officials have visited bonded warehouses to verify stock against documentation.
The Customs Division said: "The operation is very crucial due to the fact that bonded warehouses contributes a major revenue in terms of duty and excise tax collected on bonded goods such as fuel, cigarettes, alcohol, and vehicles into the Government coffer. These four products are probably the top four products that generate the highest revenue for the Vanuatu Government in terms of duty and excise tax. In addition bonded warehouse is an important mechanism for the tourism industry in the country because it allows tourists to pay goods at duty-free price promoting Vanuatu as a unique shopping destination for tourists in the region."
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