What is a Magazzino Generale?
First of all, why is it written in Italian? The literal translation could be General Warehouse, but it’s correct to write it in Italian because is a typical Italian Authorization.
The Magazzino Generale is a structure dedicated to the storage and conservation of goods of all kinds. Relying on a Magazzino Generale means being able to count on authorized and certified environments for the safekeeping of goods awaiting their sale, taking advantage of numerous economic benefits. The deposit in Magazzino Generale allows companies to request the release of warrants, securities representing the goods that constitute a guarantee for banks, favoring the obtaining of loans at favorable conditions.
Furthermore, for those who trade with foreign countries, the goods can be stored in authorized warehouses for customs warehousing under a suspensive regime, taking advantage of tax advantages.
Characteristics of Magazzino Generale
Magazzini Generali are structures used for the custody of goods of national and foreign origin on behalf of third parties.
Established with the authorization of the Ministry of Economic Development, general warehouses must have a regulation, drawn up before a notary, in which the obligations and procedures relating to the management and conservation of the products are written, including responsibilities in case of damage or decreases in goods.
The Magazzino Generale are required to give a warrant to guarantee the obligations towards the tax authorities, depositors and their lawsuits. The amount of the security deposit is calculated on the basis of the occupied area, the annual revenues, the deposit rings and pledge notes issued, the insured ceilings and the paid-up share capital.
In order to be able to accept foreign goods, the Magazzini Generali must request authorization from the Departmental Directorate of Customs competent for the territory, presenting the relative documentation.
The advantages of the Magazzino Generale: specialized skills and advanced technologies
The Magazzini Generali have spaces used for storage with different characteristics based on the type of goods and the related storage needs: you can go from cold rooms (-20° C) to temperature-controlled environments, adjustable from 0 ° to 18 ° , and to warehouses for storage at room temperature.
The goods are stored in the warehouses in packages and pallets through an automated system for the control and optimal management of spaces. Thanks to specialized skills and the use of advanced software, cataloging and retrieval activities take place efficiently and on time, ensuring the customer fast delivery times and products stored in optimal conditions.
The Magazzino Generale was founded in Italy by the Royal Decree of 1927. Even before the advent of new technologies there was the need to keep an accounting on the subject which, however, in the absence of computers, was drawn up by hand.
Warrants for advantageous loans
The general warehouses are authorized to issue, upon request, securities representing the goods: warrants which facilitate the request for financing from credit institutions.
The goods deposited in the warehouses thus represent a real pledge guarantee. The warrant makes it possible to exploit this guarantee by monetizing the value of the products and obtaining advances from banks and credit institutions, at favorable conditions and at a lower rate than those in force.
The tax benefits of customs warehousing
The deposit certificate can also be issued for goods in bonded warehouse, thus offering a double financial advantage.
The Magazzino Generale can, in fact, also be equipped with a bonded warehouse, allowing companies that trade abroad to store their goods, postponing the payment of taxes at the time of sale.
In this way, the procurement of products is simplified, without having to anticipate the cost of VAT or import duties.
Below is an example of the use of the deposit ring in coexistence with the customs warehouse:
ACME decides to sell 10 big bags. Consequently, he goes to his bank, returns the credit in a quantity proportional to the goods he intends to release. The bank gives the possibility of release to the Magazzino Generale which carries out the definitive importation of the 10 big bags, paying the corresponding duty and VAT. At this point ACME can dispose of the goods at will, for example by selling them to a customer or withdrawing them for processing. In the event that it is simply a Magazzino Generale, not equipped with a customs warehouse, the ACME customer will have the financial advantage of the deposit certificate, but not that of the customs warehouse. If the deposit certificate is issued for goods in customs warehouse, the customer can instead take advantage of the double advantage: financial and fiscal.
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Thanks to integrated warehousing, picking and dispatch services, general warehouses such as MWM can offer complete, efficient and optimised management of the entire distribution chain, offering solutions tailored to specific needs.
Contact us for more information and for finding out what we can do for you.