Delayed in apply import licenses, temporary storage of bonded warehouse and re-import

A foreign-invested enterprise in Shanghai import a production equipment worth one million us dollars, due to the application of tax reduction and exemption approval form did not complete on time, but the goods have arrived at Shanghai port, and the import declaration cannot be completed within 14 days after the goods arrive at the port as stipulated by the customs. In order to avoid 0.5‰ of the daily overdue fee for delayed declaration, The customer through Kondo Logistics professional advice, they declared the goods to the free trade zone for temporary storage, after the approval form of tax reduction and exemption is completed, the import customs clearance from the bonded area will be carried out. In the end, the customer only paid a small amount of storage costs, saving a large amount of the overdue fee for delayed declaration.