A bonded warehouse is a secured storage facility where imported goods can be stored without paying import duties and taxes until they are ready to be released for domestic consumption or exportation. This type of warehouse is regulated by customs authorities and is often used by importers, exporters, and manufacturers to store their goods, especially those that are subject to high tariffs or quotas.
Definitions
A bonded warehouse is a facility that is approved by customs authorities for the storage of imported goods without payment of duties or taxes until the goods are released for domestic consumption or exportation. It is a secure storage facility that is under the control of customs authorities and is used to store goods that are subject to high tariffs or quotas.
Origin
The concept of bonded warehousing can be traced back to the early 19th century when the British government introduced the warehousing system as a means of encouraging trade and commerce. The first bonded warehouse was established in London in 1803, and the idea soon spread to other countries, including the United States.
Meaning in different dictionaries
According to the Oxford English Dictionary, a bonded warehouse is “a warehouse in which goods liable to duty are deposited without payment of duty, and from which they may be withdrawn for home consumption or for exportation.” The Merriam-Webster Dictionary defines it as “a warehouse authorized by customs authorities for the storage of goods on which payment of duties is deferred until the goods are removed.”
Associations
Bonded warehouses are often associated with international trade and commerce, as they provide a secure storage facility for imported goods that are subject to high tariffs or quotas. They are also associated with customs authorities, as they are regulated by customs laws and regulations.
Synonyms
Some synonyms for bonded warehouse include customs warehouse, duty-free warehouse, and tax-free warehouse.
Antonyms
There are no direct antonyms for bonded warehouse, but some related terms include non-bonded warehouse, taxable warehouse, and duty-paid warehouse.
The same root words
The root words for bonded warehouse are “bonded” and “warehouse.” Bonded refers to something that is secured or guaranteed by a bond or pledge, while warehouse refers to a building or facility used for the storage of goods.
Example Sentences
- The importer stored the goods in a bonded warehouse to avoid paying import duties and taxes.
- The customs authorities inspected the bonded warehouse to ensure that all regulations were being followed.
- The manufacturer used a bonded warehouse to store its products until they were ready to be shipped to customers.
- The exporter stored the goods in a bonded warehouse until they were ready to be shipped overseas.
- The government established a bonded warehouse to encourage trade and commerce in the region.