Training course overview
This Coventry Academy training course explores Customs Warehousing and Temporary Storage Facilities, offering opportunities to suspend import taxes, which can lead to significant cash flow savings for importers and actual tax savings for re-exports. The course covers all types of warehousing that allow for tax suspension, including customs warehousing, excise warehousing, and temporary storage facilities. It examines the differences, benefits, and eligibility criteria for each facility type. Additionally, participants will learn about operational options like CFSP (Customs Freight Simplified Procedures), EIDR (Entry in Declarant's Records), and inventory linking. The course concludes with an overview of the application process and important considerations for businesses interested in establishing these facilities in the future.
This training course will cover:
- Definitions of Customs Warehousing, Excise Warehousing, and Temporary Storage
- Differences between Inward Temporary Storage Facilities (ITSF) and External Temporary Storage Facilities (ETSF)
- Wharf approvals for ports
- Definition of the Customs Comprehensive Guarantee for potential debts