In accordance with Article 63 of the Customs Code of the Eurasian Economic Union "Methods to ensure the fulfillment of the payment obligations of Customs Duties, Taxes", a guarantee is one of the methods, together with cash deposit, pledge of property and bank guarantee, to secure payment by the participants of foreign trade activity of customs duties and taxes.
As far as foreign trade operators 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 Eurasian Economic Union’s member states:
• issues a guarantee of performance of customs payments in cases of:
- transport of goods in accordance with the customs procedure of customs transit;
- changes in the terms of payment of customs duties and taxes;
- placing goods under customs procedures of processing goods outside the customs territory, processing in the customs territory, processing for domestic consumption, temporary import/export, re-export;
- goods release.
• inclusion of a legal entity in the register of persons conducting their activities in the field of customs affairs such as:
- Owner of customs warehouse/temporary storage;
- Customs representative;
- Customs carrier;
- The owner of the duty-free shop;
- Authorized economic operator.
• 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.