Bonded Zone Assistance
Bonded Zone is an area stipulated by Decree of the Minister of Finance through the Directorate General of Customs and Excise for industrial companies with an export focus, downstream industries, performing import substitution and specific strategic industries. Bonded Zone facilities provide benefits such as suspension of Import Duty, exemptions from Excise and/or Tax on imports, resulting in stronger cash flow, cost-effective operations, and improved productivity and profitability for businesses.
Nevertheless, Bonded Zone facilities can minimize the overpaid VAT status in Periodic Tax Returns which can attract tax audits and lead to lengthy correction procedures.
At TaxPrime, our advisors will help businesses navigate the process of applying for bonded zones. This includes preparing and submitting application materials, submitting applications through SINSW, assisting the presentation of business processes to DGCE, assisting companies in developing IT-Inventory Systems, establishing procedures for incoming and outgoing goods to/from the Bonded Zone facility, preparing customs documents through the DGCE system, managing inventory data and providing regular inventory reports to the Bonded Zone Company.