Glossary → Security for payment of customs duties
Security for payment of customs duties
Security for payment of customs duties is a cash deposit, bank guarantee or surety that guarantees payment and allows goods to be released before a check is completed.
Security is used, for example, during an additional check of the customs value: the cargo is released against the security, and the dispute is resolved separately. Once the value is confirmed, the security is refunded or set off.
The mechanism makes it possible not to hold the goods at the warehouse while checks and approvals are ongoing.
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