The Belarusian Customs has realized the possibility of accepting bank guarantees in the form of an electronic document.

This innovation became possible thanks to the Agreement on information exchange in the field of bank guarantees between the National Bank and the State Customs Committee. Currently, 50% of bank guarantees are submitted to customs in electronic form.

The electronic format of work has shown positive results for all interestedparties. The innovation made it possible to exclude physical contacts between participants, save time and optimize the process of the submission of bank guarantees. Another positive moment is the reduction in the time required to remove the restrictions on bank guarantees. This fact has also reduced the financial costs of the commission agent due to the payment made for using the bank guarantee.

The State Customs Committee recalls that today information interaction is carried out in relation to bank guarantees provided as ensuring performance of obligations to pay customs duties, taxes, special, anti-dumping, countervailing duties, as well as ensuring performance of obligations of a legal entity carrying out activities in the field of customs and authorized economic operator.

Performance guarantees of legal entities and individual entrepreneurs as guarantors to the customs authorities can also be submitted by bank guarantees in electronic form.