Customs on Import Duties

Importing means that the seller is going on with the normal business except that the buyers are located elsewhere. A few conditions need to be highlighted when it comes to the customs implied on import duties. When the importer is considering taking his goods to another place, he should be aware of the rules he has to follow.

The buyer must have an account for Foreign Exchange Bank that provides importing services. The bank is expected to issue a letter that is known as the Letter of Credit to the importer. This allows the buyer to pay a small amount of money for the goods. In addition, a bank account needs to be opened in your home country as will. This bank helps with the payments and documents that are expected to be made when delivering the goods. Amongst these documents is the Bill of Lading that the importer needs to have.

The imported goods are then transferred by the use of an international cargo shipping facility. A few of these documents have to be reported with the Customs Office and be approved before you start unloading the goods and selling them. The Customers Officer is not allowed to open the boxes unless special instructions are given to do so.

As soon as the Issuing Bank receives approval documents from Correspondent Bank, the imported should get a hold of these documents and keep them safe. However, the importer has to pay for the documents.

It is essential for the importer to make Notification of Imported Goods. The Issuing Banks help the importer to prepare the documents and guide them until they submit them through the Customs office through the internet. After the import tax and import duty is paid through the Issuing Bank, only then can the importer take the goods and sell them.