DEFERRAL ACCOUNT

A Deferral Account is a type of account in which assets or liabilities are realised at a specified date. In customs, the Deferral Account allows importers to defer payment of their duties and import sales taxes. In general, custom clearance is faster when payments are deferred.

When importing goods, however, the applicable duties and import sales taxes are always due. They have to be paid in full directly upon import.

Speak to Global Freight Connections Limited for further guidance.