Changes to customs duty arrangements will be coming into force this weekend and could have a significant impact on businesses that import goods into the UK or EU.
From 1 May 2016, the introduction of the new EU Union Customs Code means importers can expect:
- significant changes to the customs guarantee environment that could increase the financial guarantee required;
- the absence of Authorised Economic Operator (AEO) accreditation may result in additional cost;
- increased duty liabilities of royalty payments;
- customs valuation changes.
‘If they haven’t done so already, importers need to take urgent action to identify key areas in their import operations that could be affected by these changes. For some importers this might mean changing the way they manage their supply chain, whereas others may find they need to obtain Authorised Economic Operator accreditation to maximise efficiencies in their supply chains. Above all, importers and exporters should be proactive in ensuring their operations remain compliant with the changing customs regulatory environment.
‘We know that mistakes in customs duty can have a significant impact on business margins, and so importers need to carefully review their arrangements and take time to consider how to optimise their position as a result of these new regulations.’
More information on changes to the customs duty arrangements is available via this webinar.