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Bureau of Customs monitors Customs Bonded Warehouses
30
Nov '10
Bureau of Customs recently announced that, it has deployed five teams to keep an eye on the Customs Bonded Warehouses (CBWs), alleged for smuggling.

Customs Commissioner Angelito Alvarez, while speaking to the press said that, the Bureau is likely to intensify its observations on all the privately held CBWs. The country already has 200 CBWs at present and therefore intends to restrict proliferation of new CBWs.

The five teams deployed to keep an eye on the CBWs would function under the Run After The Smugglers (RATS) program implemented by the Bureau.

The announcement followed the BOC's move of filing complaints, against CBW operators Rajmin Garments Manufacturing Corp. and Skyland Manufacturing Corp., before the Department of Justice for smuggling. Both the operators operate from a single office in Makati City's Cityland Pasong Tamo Tower.

The BOC alleged that, both the operators were involved in importation of cotton and polyester yarn and erroneously used their bonded warehouse license to deceive the government for over P80 million by way of duty and tax evasion during the period between January and mid-November this year.

The official said that, it is very much necessary to restrain such bonded warehouse smugglers, because their way of operating is responsible for the revenue loss.

Diversion of imported inputs in the domestic markets, illegal withdrawal of the goods kept in bonded warehouses, and fake exportation of finished goods, together constitute the way of functioning of the bonded warehouse smugglers, just the way it happened in case of Skyland and Rajmin.

The government does not levy any duty on imported goods if they are re-exported, as stated in the Customs Warehousing Rule.

Fibre2fashion News Desk-India


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