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Important Customs Updates for 2004


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21st November 2013

There are some majors changes afoot in the world of International Trade and detailed below are some of the more prominent changes in store for importers and exporters. If you import or export you need to be aware of these.

GSP – Imports from & exports to countries which are ‘GSP’ countries often attract lower or nil duty rates. From 01/01/14 GSP is changing with a major reduction in which countries and products can enjoy lower or nil rates.

It is vitally important that if you import and pay reduced or nil duty due to where you import from, you check and see if post 1st January 2014 you will still enjoy those benefits. If not it will mean that your costings need to be revised due to increased duty costs

New Customs Legislation – Union Customs Code (UCC)

New EU Customs legislation never sounds interesting but the ratification of the new UCC which because effective on 1st November 2013 has some major changes for UK businesses. Major changes include:-

AEO status will underpin the UCC from 1st June 2016 – this will have major economic impact on importers and exporters so considering & planning AEO is recommended now – see our website for more information on AEO

Guarantees – from 1st June 2016 financial guarantees will be needed for any business which enjoys Customs Facilitation or Reliefs such as Customs Warehousing, Inward Processing, Outward Processing etc. These guarantees can be waived if the business has AEO status.

For further information on any Customs or International VAT issues please contact us.

About the Author

The VAT People are leading VAT and Customs Duty consultants based in the North West of England. We work with a wide range of businesses throughout the UK as well as assisting our accountancy colleagues to unravel the thorny VAT issues for their clients. We are one of the UK's largest and most comprehensive sources of VAT and Customs advice, our consultancy team having over 140 years of experience in VAT and Customs gained in either HMRC or a Big 4 accountancy practice environment.

Call us on our VAT helpline 0800 077 4604 to discuss. All initial discussions are free with no-obligation.

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Article Published/Sorted/Amended on Scopulus 2013-12-28 14:13:26 in Tax Articles

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