What is temporary import under bond in SAP SD-FT - Foreign Trade?

SAP Term: temporary import under bond

• Component: SD-FT

• Component Name: Foreign Trade

• Description: A procedure in which goods are imported without payment of duty by posting a bond to guarantee that they will be exported out of the customs territory at a later time. Examples include racing cars and exhibit materials.

Smart SAP Assistant

• Key Concepts: 
  Temporary import under bond is a process in SAP Foreign Trade (SD-FT) that allows goods to be imported into a country without paying the applicable duties and taxes. The goods are imported under a bond, which is an agreement between the importer and the customs authority that the duties and taxes will be paid at a later date. The bond also serves as a guarantee that the goods will be re-exported within a certain period of time. 
  
  How to use it: 
  In SAP Foreign Trade, temporary import under bond is used to facilitate the import of goods into a country without having to pay the applicable duties and taxes upfront. The importer must first obtain a bond from the customs authority in order to proceed with the import. Once the bond is obtained, the importer can enter the details of the bond into SAP Foreign Trade and proceed with the import. 
  
  Tips & Tricks: 
  When using temporary import under bond, it is important to ensure that all of the necessary paperwork is completed correctly and that all of the applicable duties and taxes are paid on time. Failure to do so could result in penalties or other legal action from the customs authority. 
  
  Related Information: 
  For more information on temporary import under bond, please refer to SAP Help documentation or contact your local customs authority for more information.