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Liuzhou’s first bonded warehouse is settled in Liuzhou Iron and Steel
Date:2015-11-15 By:QiuZhen Luo;XiaoJie Qin Source:Liuzhou Daily

Liuzhou Iron and Steel Bonded Warehouse, the first public bonded warehouse of Liuzhou, was approved by the customs offices recently and officially settled in Liuzhou mechanized material field.

The warehouse covers an area of 5,000 square meters. The main goods include bonded raw materials like imported coking coal, ironstone and injection coal. According to the bonded warehouse system, Liuzhou Iron and Steel Co. can realize the transformation of purchasing imported goods from “pay customs tax first then ship to the factory” to “be directly bonded and go to the factory then partially pay tax based on actual usage”. This will effectively shorten the tax-paying cycle of goods arriving at the port.

The head of Liuzhou Municipal Office of Port Service said that trade modes of imports and exports of the bonded warehouse are flexible. The company can import and export at any time based on the changes of domestic and foreign market. Meanwhile, the bonded warehouse can also postpone tax-paying, so as to meet businesses’ demands of use and circulation of funds. The establishment of bonded warehouse can not only help to save the purchase time when Liuzhou Iron and Steel importing foreign cargoes (about 3 ~ 4 days of each batch), but also greatly enhance the efficiency of utilization of the capital. Besides the traditional storage function, the bonded warehouse also has the functions of entrepot trade, tax deferral, simple processing & value-added service, logistics distribution, commodity display, etc., which can promote the healthy development of enterprises and local economy.

Gan Guiping, general manager of Liuzhou Iron and Steel said that Liuzhou Iron and Steel is a large iron and steel enterprise with an annual output of steel over ton million tons. Its outflow of bulk cargoes like coal and iron ore is massive, and its diversified industries like trade and logistics have a good foundation and a potential market. It is important for Liuzhou Iron and Steel to carry out bonded warehouse project to increase the efficiency of imported raw materials and reduce the cost of capital under the current severe situation.

It is reported that 2 batches of coking coal, weighing 320,000 tons will go into the bonded warehouse in the near future. It is estimated that warehousing goods will exceed 10 million tons in the following year. At that time, Liuzhou’s first bonded warehouse will play important roles in protective tariff and tax deferral, reducing cost, lowering foreign trade risk and increasing opening up flexibility, and its competitiveness in the market will be improved greatly.

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