A Bonded Warehouse is a privately-managed location where it is possible to introduce non-Community goods while keeping them in the foreign country. The warehouse must be authorized by the customs authorities and it is subjected to periodic inspections. Authorization to operate a Bonded Warehouse also allows management under the following schemes:
- Fiscal Warehouse, where national and European Community goods can be received, assembled, reconditioned, stored and forwarded, always under a customs duties suspensive procedure;
- VAT Warehouse, through which the goods released for free circulation may transit in order to obtain aid for VAT payment.
There are two parties involved in a Bonded Warehouse:
- the depositary, that is the party authorized to manage the warehouse;
- the depositor, that is the party bound by the declaration appointing the goods under the Bonded Warehouse regime.