Bank Koltso Urala now issues bank guarantees on customs payments

April 30, 2014. Russia's Federal Customs Services placed Bank Koltso Urala on the updated list of banks that are granted the authority to issue bank guarantees on customs payments, that is, taxes and duties. Under the order issued by the Federal Customs Service, the upper limit on a guarantee comes to 35m RUR, while the total amount of all the bank guarantees that can be in operation at once comes to 170m RUR, the bank's press service reports.

'Being placed on this register gives Bank Koltso Urala the right to act as a guarantor for its customers involved in foreign economic activity in their dealings with the customs. A guarantee is a a written promise given by the bank that speeds up the customs procedures for customers and makes it possible for them to receive the goods prior to the payment of customs duties,' says Head of Corporates Department Ekaterina Nikitina.

According to this expert, bank guarantees give businesspeople an opportunity to get their payment delayed or to have the customs duties and taxes paid in several installments. This allows a company to enhance the efficiency of its cash flow and not to withdraw any money from the business.

The bank guarantee on customs payments could interest legal entities acting as customs brokers, customs carriers, customs warehouse and temporary storage owners. Besides, bank guarantees can be used by owners of businesses who, in order to meet their foreign trade contracts, need to process their imports under the customs regulations that allow for a conditional release on customs clearance charges.

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