Usually, this is required by companies operating in industries such as the importation and exportation of goods and services. It is especially relevant to such companies who import or export from outside the EU trade bloc.
By arranging a duty deferment bond a company can defer their VAT and Duty liabilities to the Irish Revenue. Once the goods have been sold the company will then pass on the necessary VAT and Duty liabilities to the Revenue. The Bond is a guarantee to the Revenue that these liabilities will be paid by the relevant parties in the required time or they may call in the bond. Thus, the company gets to operate on a duty deferred basis and the Revenue has the legal assurances in place in case of default.
What we need to get started
- Last two years consolidated audited accounts
- Up-to-date management accounts
- Copy of Bond Wording
- Completed Trade Bond Proposal Form