CM203 Q2

What is the role of the District Collector in establishing warehouses?

• To collect taxes from warehouse operators

• To approve all warehouse applications

• To manage the operations of all warehouses

• To designate and establish warehouses

What must a manufacturer file for operating a bonded manufacturing warehouse?

• Sufficient security for compliance

• A business license

• An environmental impact assessment

• A tax exemption certificate

Which of the following is NOT a type of Customs Bonded Warehouse?

• International Bonded Warehouse

• Customs Common Bonded Warehouse

• Private Bonded Warehouse

• Public Bonded Warehouse

What is the purpose of a Customs Bonded Warehouse?

• To store goods for domestic sale

• To store goods duty and tax-free

• To manufacture goods for local markets

• To provide storage for personal items

What is required for the establishment of a bonded warehouse according to Section 804?

• A written application to the District Collector

• A verbal agreement with the Commissioner

• A public hearing

• A financial audit

What is the maximum percentage of raw materials that can be withdrawn for domestic consumption from a MCBW?

• 20%

• 40%

• 10%

• 30%

Which authority is responsible for the licensing of all Customs Bonded Warehouses?

• The Secretary of Finance

• The Bureau of Customs

• The Department of Trade and Industry

• The National Economic and Development Authority

What type of warehouse is established for the manufacture of products using imported materials?

• Public Bonded Warehouse

• Manufacturing Customs Bonded Warehouse

• Non-manufacturing Customs Bonded Warehouse

• Private Bonded Warehouse

What is the annual fee that the operator of a bonded warehouse must pay?

• A fee based on the number of employees

• No fee is required

• A variable fee based on warehouse size

• A fixed fee determined by the Bureau

What is the purpose of the Customs facilities and warehouses?

• To provide storage for personal items

• To facilitate the importation of goods

• To store goods for export and domestic consumption

• To manage local businesses