NY 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 is a type of warehouse where imported goods can be stored without paying the customs duties and taxes until the payment is made. This allows importers to defer the payment of duties and taxes until the goods are sold, which could improve their cash flow.

NY International Foods Is an Importer of Food Products from Europe