On 1 May 2016, the European Union’s new Union Customs Code (UCC) comes into effect. Its impact covers a wide range of customs topics but if you import into the EU then you need to give the UCC special attention. In this white paper we touch upon a few main topics, taking you through the most important changes to help you get an overview of the consequences for your supply chain.
Below is a sneak preview of the section on customs valuation:
…the philosophy behind the changes in value for customs purposes is to raise the value of imported goods and thus raise the revenue obtained. Many businesses may seek to minimise this impact by redesigning their supply chains from a financial point of view.
Other subjects covered include the customs treatment of royalties and changes to the rules for Authorised Economic Operators.