Bonded warehouse is a place where

Assessment: WAEC SSCE - Commerce - 2012 (Objective) Subject: Commerce

Question 1 Report

Bonded warehouse is a place where

Answer Details
A bonded warehouse is a place where dutiable goods are kept. It is a facility authorized by the government to store imported goods until the necessary customs duties are paid or until the goods are cleared for export. This means that the goods can be stored in the bonded warehouse without payment of the customs duty until they are taken out for use or for sale. Bonded warehouses are particularly useful for importers who want to defer payment of customs duty until the goods are sold or used, which can help to improve cash flow.
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