In accordance with Article 86 “Guarantee of Payment of Customs Duties and Taxes” of the Customs Code of the Customs Union, a guarantee is one of the methods, together with cash deposit, pledge of property and bank guarantee, to secure payment by the importers of customs duties and taxes.
As far as importers are concerned, the guarantee is the most convenient way of securing, both in terms of ease and speed of documenting (as compared to the pledge and bank guarantee) and preservation of the operating assets (as compared to cash deposit and bank guarantee).
“Common customs guarantor” Joint Stock Company (“CCG” JSC) provides the following services on securing of payment of customs duties, taxes and penalties to the customs authorities of the Customs Union’s member states:
- - issues a guarantee of performance by the importers of the alcoholic products of their obligations to the customs authorities when such importers receive excise duty stamps;
- - issues a guarantee of performance by the importers of the tobacco products of their obligations to the customs authorities when such importers receive excise duty stamps;
Without loss of the quality of customer operations and risk assessment, “CCG” JSC has developed a guarantee provision technique that simplifies the process of establishing and record of the limits of liability under the obligations of the importers and finally reduces the operating costs of “CCG” JSC’s customers.