bonded warehouse

Definitions

Accounting

  • noun a warehouse where goods are stored until excise duty has been paid

Wine

  • a storage warehouse that is allowed to hold wine in a country before it passes through customs, and where the wine has not yet been subject to excise duty or VAT. A private buyer can store wine in a bonded warehouse and buy from imports or from stock held in the warehouse without paying excise duty or VAT, both of which are only payable when the wine is removed from the warehouse for sale or consumption in the country (if the wine is exported, no duty is payable).
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