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 INDIRECT TAXES - Customs Securities
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 Customs Securities
Concession on Payment of Duty relating to temporary Imports
Warehouse
Security
Customs Securities
Customs may require and take
security generally for the protection of public revenue and pending giving
the security in relation to any goods subject to the control of Customs,
refuse to deliver the goods or pass the entry relating to the goods. The
security when required for a particular purpose by authority of the
Commissioner General will be accepted to cover all transaction for such time
and for such amount as the Commissioner General approves. It will be at the
discretion of a Collector to accept a security by way of a bond, or by
guarantee, or by cash deposit, or partly by one such method and partly by
another.
Concession
on Payment of Duty relating to temporary Imports
The importation of certain
specialised capital equipment may be deemed to be exempt from import duty.
Such equipment must not be readily available in Papua New Guinea and can be
imported only on a temporary basis for a specific purpose and a specific time.
The importer must satisfy the Commissioner General that the equipment will be
used on an approved project and a security must be lodged for the period of
temporary importation. Currently the period for temporary importation of
goods is 12 months, however some Mining and Petroleum companies have been
granted extensions for longer periods. In such circumstances, the importer
must undertake to re-export the equipment at the end of the specified
activity.
Warehouse Security
If approval for a license is
given the proprietor will be asked to give security for compliance with the
Customs Act in the event a license is issued. Such security is required to be
in the form of a Bank Guarantee. Customs becomes the principal to such
security and the amount is determined by Customs taking into account the
volume of goods to be warehoused and the value in duty of the goods to be
warehoused. Such a security shall be renewed annually or remain in force
until partly or fully paid to Customs on demand or released to the owner if
and when it is no longer required by Customs. Before a person or company can
be issued a license the applicant for a license is required to pay an annual
fee of K2000.00 to Customs and becomes due on or before the date when the
first license fee was paid.
  View and Print Customs Securities
(Security.PDF 4KB)
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