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.