UK HM Revenue & Customs (“HMRC”) has issued a communication stating that it is willing to consider extending payment deadlines on a case-by-case basis, for importers facing severe financial difficulties as a direct result of COVID-19. Businesses holding a duty deferment account may request an extension of the payment deadline for deferred customs duty and import VAT, without needing to call on a guarantee, increasing their guarantee limit, or risking their deferment account being suspended. …
On 20 March 2020, the European Commission announced that it intends to introduce exemptions from customs duty and import VAT for “protective equipment, other relevant medical devices or equipment in the context of the COVID-19 outbreak”, following a request from the Italian government. Relief is to be granted under provisions of the EU’s customs and import VAT legislation granting relief for items “for the benefit of disaster victims”, where they are to be made available…
Further to our blog post on 4 May 2016 (available here) detailing some of the key changes to EU customs legislation taking place under the Union Customs Code (“UCC”), the European Commission (“EC”) has recently issued some valuation guidance (available here) concerning the interpretation of certain key provisions under the UCC.
EU customs legislation is undergoing some significant changes from 1 May 2016 with the implementation of the Union Customs Code (“UCC”). The changes implemented by the UCC will have significant practical and financial implications for businesses importing into or exporting from the EU. The three key changes under the UCC will be:
- Changes to customs valuation rules;
- Introduction of compulsory guarantees; and
- Introduction of benefits for holders of the AEO Customs Simplifications (“AEOC”) status.