Regulation 100

Every licensee must maintain in the licensee’s bonded warehouse a record of the licensee’s stock or inventory, in a form approved by the Comptroller, and must on each day enter in it details of all goods received into or removed from the licensee’s bonded warehouse.

Every licensee must, not later than the 5th day of each month or such later day as the Comptroller may allow, furnish to the Comptroller a return, in such form and containing such information as the Comptroller may require, relating to all goods received into or removed from the licensee’s bonded warehouse for the whole of the preceding month.

Except where the Comptroller otherwise allows or directs in writing, every entry or removal of goods stored or to be stored in a bonded warehouse must only be made pursuant to such customs permit as the Comptroller may determine.

If it appears to the Comptroller that there is any deficiency in quantity that is indicated or ought to be indicated in the record of stock or inventory, the licensee is, unless the licensee shows proof to the contrary, presumed to have removed the goods in the bonded warehouse in contravention of paragraph (3) and without payment of the tax chargeable on the goods and is accordingly liable for the tax chargeable on the goods.