ZIMSEC O Level Commerce Notes: Warehousing: Bonded Warehouses
- These are located at ports, boarder posts, large railway stations and big cities.
- They are privately owned but supervised by the Zimbabwe Revenue Authority (ZIMRA)/ the customs authority.
- They are used to store dutiable goods whose duty has not been paid.
- The goods are released once their duty has been paid.
- Once the duty has been paid a customs warrant is issued giving permission for the goods to be released.
- The goods can be sold whilst they are in bond i.e. in the warehouse.
- Goods can be removed in small quantities as needed thus saving on working capital.
- The goods can also be graded, packed, tinned or bottled while they are in the warehouse.
- Goods can be moved from one bonded warehouse to another by a bonded carman.
- Goods are allowed to mature.
- Are used to store goods fro entrepot trade.
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