New Tariff Reductions on Imports from South Korea

New Tariff Reductions on Imports from South Korea

14 June 2011

The EU/ South Korea Trade Agreement comes to effect from 1 July 2011. This agreement is reciprocal so that South Korean goods imported in to the EU will benefit from tariff reductions as will EU exports to South Korea.

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EU Reshaping the Import Preference Scheme (GSP)

EU Reshaping the Import Preference Scheme (GSP)

19 May 2011

The European Commission has announced that it wants to reshape the current General System of Preference (GSP) regime that allows imports from developing countries to benefit from lower or zero rates of customs duty.

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New Classification Explanatory Notes

New Classification Explanatory Notes

19 May 2011

The EU Commission has published a new version of the Explanatory Notes to the Combined Nomenclature (CN) or customs tariff. Although these notes are not legally binding they are considered by the courts to be an important aid for interpreting the tariff. The following link will take you to these notes:

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Additional Duties on Certain Stainless Steel Bars & Rods from India

Additional Duties on Certain Stainless Steel Bars & Rods from India

10 May 2011

Council Regulation 405/2011 imposes definitive countervailing duties and collects the provisions countervailing duties on imports of certain stainless steel bars and rods from India. The standard addtionional duty is rate is 4.3% but a small number of suppliers exports will attract slightly lower additional rates (from 3.3-4%).

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Withdrawal of Psuedo Commodity Code 9950.0000 for Low Value Imports

Withdrawal of Psuedo Commodity Code 9950.0000 for Low Value Imports

10 May 2011

From 1 July 2011 the concession allowing importers to use pseudo commodity code 9950.0000 will be removed. As a result tax payers will need to determine the correct commodity code for these items or risk clearance delays and penalties. We understand that this deadline will not be further extended.

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