A warehouse which is used to store goods whose customs duty is not yet paid is a?

Assessment: JAMB UTME - Commerce - 2008 Subject: Commerce

Question 1 Report

A warehouse which is used to store goods whose customs duty is not yet paid is a?
Answer Details
A warehouse used to store goods on which customs duty is not yet paid is called a "bonded warehouse." It is a secure storage facility where imported goods are held until the necessary customs duties are paid, or the goods are exported. Bonded warehouses are supervised by customs officials and are generally located near ports or other entry points into a country. They allow importers to defer paying customs duties and taxes until the goods are actually sold, helping to reduce the upfront costs of importing.
Read lesson note on Purchase And Sale Of Goods In Home And Foreign Trade (WAEC)
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