The building under construction will be used as a VAT warehouse, not only for our company Grupo Jim Sports but also for other companies that need this service. In terms of the spanish Tax Office, a bonded warehouse is a facility recognised by the customs authority and subject to its control in which import goods are stored as set out in the customs regulations. Thus, the VAT warehouse functions as a facility in which to store goods for which duties and taxes are only paid at the time of sale.

This is an advantage in terms of economic and financial solvency, as it will not be necessary to pay taxes on goods received but not yet sold. In addition, another competitive advantage is that in the case of exporting a product to a country outside the European Economic Community, this country will not pay customs duties, which will multiply our level of competitiveness in foreign trade.
The new facility will be more than 32 metres high and 17,000 square metres in size, which will allow us to increase product replenishment.
The need for such an infrastructure in the interior of Galicia proved to be an opportunity to implement it in Palas de Rei. This project had already been planned for the end of 2019, but the imminent COVID pandemic caused it to be delayed until the return to normality.
The warehouse will be reserved mainly for our brands’ own products. The remaining space, around 25%, will be available for other companies that import goods and need storage space.
Now there is still a lot of work ahead of us to complete the construction and further development of the new economic operator belonging to Grupo Jim Sports.