https://www.fastclickmedia.com.ng/components/com_adsmanager/images/default.gifBonded Storage

These warehouses are owned, managed and controlled by government as well as private agencies. Bonded warehouses are storage facility used to store imported goods for which import duty is still to be paid. The bonded warehouses run by private agencies have to obtain license from the government.

In actual, this enables the government bodies to hold control on private firms to pay their taxes on time. Without paying duties, importers cannot take over or open the goods. Globally, it has been seen that these warehouses are found near the ports and are usually owned by dock authorities. Bonded warehouses are subject to two types of taxes: (a) Excise duty and (b) Custom duty.

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