Duty Deferment Guarantee

What is a Duty Deferment Guarantee?

Just as the Tax Warehouse Bond, a Duty Deferment Guarantee is a Revenue & Customs Bond which acts as a guarantee to Revenue and Customs for the payment of duty and taxes on imported goods. The difference being, a deferred payment facility is an authorisation that allows traders to defer payment of duties and taxes, these include customs, VAT at import, excise and VRT. This allows a trader to pay the charges due by direct debit in the following month.

In all instances, lodgement of a guarantee and compliance with the conditions of the authorisation is required. The authorisation allows the approved trader to pay the duties/taxes due by direct debit on a date in the month following the transactions. Excise Traders operating from a warehouse must operate on a deferred basis only.

For Traders, the securing of a Duty Deferment Guarantee and its deferment period provides a valuable cash flow advantage.

See Revenue for further details and guidance.

Why get a Duty Deferment Guarantee?

  • For the trader, deferring the payment of Import Duty alleviates cash flow pressures as they await import goods.
  • For the importer, it avoids delays and possible fines.
  • In the case of Excise Traders operating from a warehouse, it is obligatory.
  • For the Distillery, it allows for the deferment or suspension of the payment date for duties on spirits.
  • For the State (the Principal), it is a guaranteed that payment for import duties & taxes will be received on an agreed date.
  • It is in line with European Union transit procedures

Who requires a Duty Deferment Guarantee?

  • Excise Trades operating from a warehouse.
  • Importers
  • Exporters
  • freight forwarders (eg; food, alcohol, clothing)
  • Logistic Companies

Who is the beneficiary of a Duty Deferment Guarantee?

  • The state – Revenue & Customs
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To get started

  • Complete the proposal form. Download here
  • Last two years consolidated audited accounts
  • Up-to-date management accounts
  • Details of banking and borrowing facilities (Bank information Form here– client needs to send to their bank for completion

Avoiding operational delays and possible fines, whilst avoiding cash flow constraints all makes good business sense. Ensuring you have the correct Revenue & Customs Bond in place in good time is therefore good business sense. Whether you are an Importer, Exporter, Logistics Company or the owner of a Distillery, contact Surety Bonds today to discuss your surety requirements.

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