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Customs Control: Ordinary vs. Bonded Warehouses

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Customs Control: Ordinary vs. Bonded Warehouses

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Questions and Answers

What is the required payment upon approval of the application for a Customs Bonded Warehouse (CBW)?

Payment of at least 25% of annual supervision fee (correct)

50% of annual supervision fee

Payment of the full annual supervision fee

$200,000 performance bond

Who is responsible for monitoring the performance of a CBW from importation to liquidation?

Automated Raw Materials Inventory and Management System

Account Officer (correct)

Raw Material Liquidation System

Compliance Rate System

What do 'accessories' refer to in the context of CBW operations?

Imported consumable materials

Articles enhancing finished products for export (correct)

Supplies needed for manufacturing

Raw materials for export

What is the purpose of the Automated Raw Materials Inventory and Management System (ARMIMS) in a CBW?

Tracking imported articles Signup and view all the answers

What does the acronym BCS stand for in the context of CBW operations?

Bar Coding System Signup and view all the answers

Which term refers to imported consumable and disposable indirect materials needed in the operation of a CBW?

Supplies Signup and view all the answers

What type of warehouse is not subject to Customs control?

Ordinary CBW Signup and view all the answers

Who assumes legal responsibility for the safekeeping of stored articles in a CBW?

Warehouse Operator Signup and view all the answers

What is the validity period of a License to Operate for ICBW?

3 years Signup and view all the answers

Which industry/enterprise category pays a supervision fee of P100,000.00 for CCBW?

Medium industry/enterprise Signup and view all the answers

What do Imported articles in a CBMW intend for?

Exportation Signup and view all the answers

What is the purpose of the Customs Bonded Manufacturing Warehouse (CBMW)?

Manufacturing imported articles for exportation Signup and view all the answers