🎴 Flashcard Mode
Customs Warehousing and Free Zones: Understanding Special Storage Arrangements
Card1 / 14
Mastered0
Review0
QuestionClick to flip
What is the primary purpose of customs warehousing?
AnswerClick to flip back
A
To facilitate the storage of imported goods prior to their release into the domestic market
💡 Explanation:
Customs warehousing is a special storage arrangement that allows imported goods to be stored in a secure facility under customs supervision, prior to their release into the domestic market. This allows importers to defer the payment of customs duties and taxes until the goods are actually released for consumption.