Monday, September 20, 2021
HomeBreaking NewsBOC issues rules on general warehousing bond under ABMS

BOC issues rules on general warehousing bond under ABMS

  • The Bureau of Customs has released guidelines on implementation of the general warehousing bond (GWB) through the Automated Bonds Management System
  • Customs Memorandum Order No. 17-2021 aims to “effectively monitor the status of bonds from its posting up to its cancellation and expedite the settlement or collection of due and demandable bonds”
  • The current practice of charging the amount of duties and taxes due on shipments for transit to CBWs against the GWB will be discontinued
  • The CBW operator must now open a bond account for the transit of the goods from the port of discharge to the CBW
  • Approved bond policies filed in the current year will expire on December 31 of the calendar year

The Bureau of Customs (BOC) has released implementing guidelines on the general warehousing bond (GWB) through the Automated Bonds Management System (ABMS), a new project scheduled to be implemented this month.

Customs Memorandum Order No. 17-2021, dated May 18, 2021, provides detailed instructions to stakeholders and BOC personnel on the process to be observed under the ABMS for GWB.

The order aims to “effectively monitor the status of bonds from its posting up to its cancellation and expedite the settlement or collection of due and demandable bonds.”

READ: BOC automates more processes in June, July

Last June 2, BOC said one of the new Electronic-to-Mobile (E2M) System features to be implemented in June is its ABMS for GWB. Earlier this year, BOC also implemented its ABMS for transit cargoes.

READ: BOC order sets guidance on automated bonds management system adoption

CMO 17-2021 applies to all warehousing bond accounts opened under the E2M System in all collection districts, including sub-ports and other offices.

All warehousing bond accounts will be covered by the ABMS, a BOC-wide system for processing bond transactions.

ABMS was established pursuant to CMO 14-2012. It monitors and manages bond balances and flags those that have matured.

CMO 17-2021 noted that only customs bonded warehouse (CBW) operators registered with BOC’s Client Profile Registration System will be allowed to avail of the ABMS in the E2M System.

The GWB will be exclusively used to secure duties and taxes reflected in the warehousing single administrative document (WSAD). A GWB is a form of security to guarantee that obligations to BOC have been satisfied.

Approved bond policies filed in the current year will expire on the 31st day of December of the calendar year.

With implementation of CMO 17-2021, the current practice of charging the amount of duties and taxes due on shipments for transit to CBWs against the GWB will be discontinued. Instead, the CBW operator must open a bond account for the transit of the goods from the port of discharge to the CBW.

The CBW operator should create a bond account by submitting the bond policy electronically to BOC through an accredited value-added service provider. The CBW operator can add more bond policies in their account.

Once the goods declaration for warehousing is lodged, the Warehousing Entry System sends a request to the ABMS to charge against a particular bond account. If the goods declaration is cancelled, the ABMS cancels the amount charged and reverts to the previous bond balance. – Roumina Pablo

LEAVE A REPLY

Please enter your comment!
Please enter your name here

1 × three =

- Advertisment -

Most Popular

- Advertisment -