The government has promulgated Government Regulation No. 32 of 2009 concerning bonded areas, which amend the previous regulation of 1996 (as amended), as implementation of Law No. 17 of 2006 on Customs. The Regulation aims to provide incentives not only to foreign investors, but to local investors that plans to export as well.
The regulation includes six types of bonded areas: bonded warehouse, bonded zone, bonded store, bonded exhibition area, bonded public auction area and bonded recycling area, the latter three of which are introduced in the Regulation. Bonded area is broadly defined as an area used to accumulate goods for certain purposes which upon meeting some certain criteria will be granted suspension of import duties or exemption of import related taxes.
The core provisions in the Regulation provide suspension of import duties or exemption of imported related taxes to goods imported into the bonded areas or between the different types of bonded areas. The Regulation sets out the procedures to benefit from such exemptions. However, should the goods are transported out of the bonded areas to be used as general import goods, the suspension or exemptions are void and all duties and taxes become payable.
In establishing these zones the regulation requires, amongst other, the interested parties to obtain the relevant permits from the Ministry of Finance. The regulation sets out the procedures and requirement to apply for the permits for the relevant bonded zones. The permit will specify the duration of the permit. The applicants are also required to include the necessary title of the bonded area, relevant business permit as well as environmental permits and tax returns and documentations.
The permit may be suspended or revoked. The regulation provides for a staggered enforcement against non-compliance. The authorities may suspend the permit if it finds the permit holder unable to properly manage the bonded zones or, based, sufficient preliminary evidence, the permit holder engages in activities contrary to the terms of the permit orthe regulation. The suspension might be escalated to revocation of license if the situation persists. For specific types of bonded zones, the following may trigger suspension/revocation of license: being inactive for 1 year in a row, declared bankrupt, or acted in bad faith.
In any case where the license was revoked, the owner is obliged within 30 days to: (i) fully pay all unpaid import duties and tax; (ii) deliver the remaining goods at the bonded area, or; (iii) deliver the remaining goods to another Bonded Area.
The Regulation will come into force on 25 May 2009.
The government has promulgated Government Regulation No. 32 of 2009 concerning bonded areas, which amend the previous regulation of 1996 (as amended), as implementation of Law No. 17 of 2006 on Customs. The Regulation aims to provide incentives not only to foreign investors, but to local investors that plans to export as well.
The regulation includes six types of bonded areas: bonded warehouse, bonded zone, bonded store, bonded exhibition area, bonded public auction area and bonded recycling area, the latter three of which are introduced in the Regulation. Bonded area is broadly defined as an area used to accumulate goods for certain purposes which upon meeting some certain criteria will be granted suspension of import duties or exemption of import related taxes.
The core provisions in the Regulation provide suspension of import duties or exemption of imported related taxes to goods imported into the bonded areas or between the different types of bonded areas. The Regulation sets out the procedures to benefit from such exemptions. However, should the goods are transported out of the bonded areas to be used as general import goods, the suspension or exemptions are void and all duties and taxes become payable.
In establishing these zones the regulation requires, amongst other, the interested parties to obtain the relevant permits from the Ministry of Finance. The regulation sets out the procedures and requirement to apply for the permits for the relevant bonded zones. The permit will specify the duration of the permit. The applicants are also required to include the necessary title of the bonded area, relevant business permit as well as environmental permits and tax returns and documentations.
The permit may be suspended or revoked. The regulation provides for a staggered enforcement against non-compliance. The authorities may suspend the permit if it finds the permit holder unable to properly manage the bonded zones or, based, sufficient preliminary evidence, the permit holder engages in activities contrary to the terms of the permit orthe regulation. The suspension might be escalated to revocation of license if the situation persists. For specific types of bonded zones, the following may trigger suspension/revocation of license: being inactive for 1 year in a row, declared bankrupt, or acted in bad faith.
In any case where the license was revoked, the owner is obliged within 30 days to: (i) fully pay all unpaid import duties and tax; (ii) deliver the remaining goods at the bonded area, or; (iii) deliver the remaining goods to another Bonded Area.
The Regulation will come into force on 25 May 2009.
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