Brooklyn International Foods is an importer of food products from Europe. For its latest shipment, it did not have enough cash to immediately pay the customs duties and taxes. As a result, the imports were placed in _____ until the payment could be made.

Question

Quizplus · Accepted Answer

Bonded storage refers to a storage area authorized by customs authorities where imported goods are stored until the customs duties and taxes are paid. Bonded storage is a secure area where goods cannot be removed until obligations to the government are met. Therefore, the imports were placed in bonded storage until the payment could be made.

Brooklyn International Foods Is an Importer of Food Products from Europe