Our Chairman of the Board of Directors, Mehmet Altay YEGİN, asked: To what extent does Double Guarantee overlap with YYS? The article he wrote titled "Nasıl Bir Ekonomi" was published in the newspaper.
Companies with YYS, which store some of their imported goods in their private warehouse and store some of them in a general warehouse that does not belong to them, submit a double guarantee in a sense since both the guarantee is received during the current transaction in the general warehouse and the lump sum guarantee is offered for the transactions in its private warehouse.
Customs administrations can accept various guarantees to guarantee public receivables during their transactions. One of these types of collateral is “Lumid Collateral.” Upon the request of those who meet the conditions determined by the Ministry of Commerce for more than one transaction that requires or may require customs liability, a guarantee can be given to cover all transactions except the transit regime instead of providing a separate guarantee for each of the customs-approved transactions or uses. This is called “Lump sum Guarantee”.
Although it is defined as such in the Customs Regulation, a lump sum guarantee is not accepted for public receivables related to the goods in the list (I) in the annex of the Special Consumption Tax (SCT) Law. In this regard, it is possible to provide a lump sum guarantee for every customs transaction that requires a guarantee, except for the transit regime and SCT guarantees. The conditions for benefiting from the lump sum guarantee system and the procedures and principles regarding the operation of the system are determined by the Ministry of Commerce.
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