Bordeaux City Bond celebrated the arrival of autumn with a substantial increase in its capital. Thanks to the Bordeaux CCI and to Vinexpo, its capital has risen from € 200,000 to € 500,000, an increase of 150%. Proof of its success, if any was needed! The bond warehouse now enjoys even closer ties with the Bordeaux CCI, two strong “entrepreneurial allies”.
In his reply to a written question from Mr Gilles Savary, the Member of Parliament for Gironde, Mr Michel Sapin, the French Minister of Finance, announced a relaxation of the tax rules applied to wines returned to the national market, after they have been held in bond but not sold for export.
Until now, wine intended for export and stored in France benefited from a suspensive tax regime that imposed individual examination of any request to release it to the domestic market. Authorisation for such a move, when given, was considered as an exception to the rule. The result of this system was to penalise French bond warehouses, particularly the Bordeaux marketplace, as far as storing French wines was concerned.
Bordeaux City Bond management had worked relentlessly, for several years, to make successive governments aware of the extent to which French tax regulations were a handicap for national companies working in the wine export business.
The month of September also saw Bordeaux City Bond obtain an additional authorization from the customs authorities, this time mainly concerning imported wines. From now on, all spirits ≤80% (eau de vie, whiskies, rum, gin, genever, vodka and liqueurs) can legally be stored in bond warehouses in addition to fortified wines.
As in previous years, Bordeaux City Bond will be returning to the Far East in November, with several interesting events in view. The Hong Kong Winefair and Tokyo Vinexpo have become two unmissable international events for Bordeaux City Bond as its ambition continues to grow.