Warehouse entries
allow articles that are subject to excessive duty or taxes - except
perishables and explosive substances other than firecrackers - to be
entered into a Customs bonded warehouse and then withdrawn for
consumption at a later time. When the articles are withdrawn, the
importer will pay the duties, taxes, and fees at the rate in
effect at the time of withdrawal. Merchandise can remain in a
bonded warehouse for up to five years after the date of importation.
Some of the benefits of warehouse entries and the subsequent
withdrawals are:
§
The importer does not pay any duty until the merchandise is
withdrawn for consumption.
This allows the importer to have control and use of its money until
the duty is paid at the time of withdrawal.
§
If the importer is unable to find a domestic buyer for the
merchandise, or should the domestic buyer cancel its order, the
importer is be able to sell the merchandise to a foreign buyer and
re-export the merchandise overseas. This would cancel any
obligation to pay duty in the U.S.
§
Many items subject to quota or other restrictions may be stored in a
bonded warehouse for up to five years from the date of importation.
This will allow the importer to wait until the quota reopens, or the
restriction/issue at hand is resolved.
§
Importers have the freedom to manipulate articles in bonded
warehouses under Customs supervision. Duties owed on articles that
have been manipulated are determined at the time of withdrawal from
the Customs bonded warehouse.
As a Shapiro customer, you are able to view the balance of your
goods on-line, search for a particular product that may remain in
your warehouse, and electronically create a warehouse withdrawal.
All you need to do is select the item(s) you want to withdraw from
the list and press a button. Your Shapiro account coordinator and
his or her supervisor immediately receive notification of your
withdrawal, which is quickly audited and submitted to the local
Customs office for approval, if required.
Not only do you have an effective tool for inventory control, but
you also have access to the most efficient way to ensure the timely
availability of your product.
Please contact our Compliance Team at
compliance@shapiro.com for more information on our Electronic
Warehouse Withdrawals Program.
