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| CHAPTER: Accessing Foreign Markets |
| 4. |
How do I move goods duty-and tax-free under a Temporary Import Bond (TIB)? |
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ANSWER: A TIB is posted at import in lieu of paying duties and taxes, for goods imported temporarily and re-exported within a short time frame. Not all countries honor or offer TIBs. The importer may have to pay full duty and seek a refund later, if possible. A TIB is handled in most countries by a broker, who for a fee assists in getting a bond issued for the amount designated by customs. The bond is canceled by the broker when the goods are exported, and proof is presented to customs that the goods have left the country.
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