New Customs Code: Missing Details

20 January 2015

New Customs Code: Missing Details

The new Customs Code comes in to effect on 1 May 2016 introducing significant changes which will impact on most businesses importing goods from outside of the EU, including:

  • Merger, removal and changes in scope to current customs duty relief schemes which will require re-authorisation and new procedures;
  • Removal of first sale which allows an earlier sale in the supply chain to be used for customs purposes;
  • Extension to royalties and licence fees subject to customs duty;
  • Imposition of financial guarantees to cover all suspended customs duties (deferment accounts, customs warehoused goods, IPR suspension, end-use etc.);
  • Availability of centralised clearance covering imports in all Member States;
  • Availability of self assessment rather than submission of customs declarations.

The details behind these changes are to be included in Delegated and Implementing Regulations due to be finalised and published this year. Only when these are known will importers, duty management software operators etc., be able to begin preparations. This will not leave much slack in projects.

We recommend businesses carry out a full review of their customs operations in light of the new Customs code, especially if you operate any customs duty relief schemes, first sale or make any royalty payments.

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