Customs Bonded Warehouses Review

Comprehensive practice flashcards covering definitions, types, requirements, and administrative provisions of Customs Bonded Warehouses based on the provided lecture transcript.

Who is the Accountable Officer in a Customs Bonded Warehouse (CBW)?

A responsible official of the CBW named and designated by the operator as the person answerable and liable to the Bureau for all operational aspects of the warehouse.

What is the purpose of the Authority to Transfer or Sell (ATS)?

It is a document issued by the District Collector allowing the transfer or sale of imported raw materials, semi-finished products, or finished products to another CBW, Client-Exporter, Client/End-User, or Freeport Zone locator for subsequent export.

How often is the Certificate of Authority to Operate renewable?

Every three (3) years.

What does the Certificate of Identification (CI) certify?

It certifies that the finished products to be exported are from a particular warehousing entry and determines if an entry is partially or fully consumed.

What is the function of the Certificate of Inspection and Loading (CIL)?

It is issued by the Bureau to certify the conduct of inspection over the cargo for export and its actual loading on the exporting carrier.

What is the definition of a Customs Bonded Warehouse (CBW)?

A warehouse authorized/licensed by the Bureau to import, receive, and store goods, raw materials, accessories, and packing materials without payment of duties and taxes and under bond for manufacture or storage.

What is a Sub-contractor in the context of CBWs?

A person or company accredited by the Bureau (and GTIDO for garments) to perform certain manufacturing operations for a CBW or its members when their facilities are insufficient or due to lack of material time.

What is the limitation on raw materials entered for consumption in a Manufacturing Customs Bonded Warehouse (MCBW)?

Raw materials entered for consumption shall not exceed $30\%$ of the volume of raw materials entered for warehousing.

In a Miscellaneous Manufacturing Bonded Warehouse (MMBW), what raw materials are specifically excluded from import?

Garments and textile.

What was the previous classification for warehouses now classified as Industry-Specific Customs Bonded Warehouses (ICBW)?

Multinational Regional Bonded Warehouse, Airlines Customs Bonded Warehouse, or Airlines Catering Customs Bonded Warehouse.

What is an example of a Nonmanufacturing Customs Bonded Warehouse (NCBW)?

Private Customs Bonded Warehouses (PCBWs).

Is the Authority to Operate a CBW transferable?

No, the Authority to Operate is personal to the warehouse operator and shall not be transferred or assigned for whatever reason.

Who has the power to create or dissolve certain types of warehouses?

The Secretary of Finance, upon the recommendation of the Commissioner, subject to consultation with NEDA and the DTI.

What is the non-extendible period for an importer to submit liquidation documents after complete and full exportation?

Sixty (60) days.

What is the maximum period within which to submit complete liquidation documents from the expiration of the storage period?

Thirty (30) days.

What is the maximum projected duties and taxes for a company to apply as a member of a CCBW?

$PhP300,000,000.00$ for one (1) year.

What is the required membership size for a Customs Common Bonded Warehouse (CCBW)?

At least three (3) but not more than thirty (30) members.

What is the amount of the Performance Bond required for a CBW?

$$Php1,000,000.00$$

What is the amount required for the General Transportation and Surety Bond (GTSB)?

$Php1,000,000.00$ or the equivalent duties and taxes of the CBW’s three (3) months importation, whichever is higher.

What is the purpose of the General Warehousing Bond (GWB)?

To guarantee the payment of duties and taxes in case the imported raw materials are not manufactured and exported within the prescribed period.

How often must a stock inventory report be submitted by a CBW?

At the end of every calendar year.

Within how many days must the application for renewal of Authority to Operate a CBW be filed?

Not later than ninety (90) days but not earlier than one hundred twenty (120) days before its expiration.

What is the validity period of the Authority to Operate a CBW?

Three (3) years counted from the date of the approval of the application.

Within how many days can an applicant file a Motion for Reconsideration if their application is denied by the Commissioner?

Within fifteen (15) days from receipt of the Notice of Denial.