Temporary Entry of Assets

[NewsWhore]

The Director General of Customs (DGA) has announced the end of financial guarantees or deposits on goods entering the country under the Regimen of Temporary Admission for Asset Improvement. The new policy will improve competitiveness of local industry by removing one of the more important financial burdens for exporters and free zone manufacturers. DGA deputy director Eduardo Rodriguez told El Nuevo Diario reporters that the decision establishes a procedure for the automatic cancellation of the guarantees so that companies that act on good faith just have to go to the DGA and bring their accounts up to date. Rodriguez said that exporters had complained that these guarantees imposed a heavy burden on their production and competitiveness in the world markets. A paid public announcement by the DGA in most of today's papers asks exporters to hand in their requests for the cancellation of their bonds or guarantees. The Customs decision was the product of an agreement with the Center for Exports and Investments (CEI-RD), and provides for a two-year period for the cancellation of the bond, starting from the time the request is received by the DGA. A prerequisite for the concession is for the proper procedures to have been followed by the company under the Regimen of Temporary Admission.

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