Press briefing of Cabinet Decision taken on 2024-03-04 (Subject to Confirmation at the next Meeting)

Approval for Policy Framework for appointing Public Customs Bonded Warehouses - (Chapter 235)

- A Customs Bonded Warehouse is a storage facility used to ensure the safety and quality of goods prior to payment of applicable duties on imported goods and transportation of goods. Under the provisions of section 69 of the Customs Ordinance (Chapter 235), the Minister in charge of the subject of Finance on the recommendation of the Director General of Customs can appoint Customs Bonded Warehouses. Taking into account the development of warehousing technologies and the need to create competitive advantage in the supply chain process, it has been recognized that the mandatory minimum floor area of a public customs bonded warehouse should be revised. Accordingly, the proposal made by the Hon. President in his capacity as the Minister of Finance, Economic Stabilization and National Policies for the implementation of the "Revised and Updated Policy Framework for appointing Public Customs Bonded Warehouses" prepared under section 69 of the Customs Ordinance, was approved by the Cabinet.