Guarantee Requirements for Customs Authorisations and Approvals: Introduction to guarantee limits
Guarantees limits referred to in the Code as ‘Reference Amounts’, must be set at a level sufficient to cover the customs duties and other charges (as required) of the transaction, regime or procedure for which it is provided as financial security.
It is the Economic Operator’s responsibility to calcuate the reference amounts. The Customs Authorities should verify the Economic Operator’s proposed reference amounts to ensure they are adequate to cover the liability.
The reference amount established for each type of liability or customs procedure is not transferrable between liabilities or regimes. For example a reference amount based on Customs Warehsouing cannot be used to cover a liability under Inward Processing.