We use inward processing relief within our business to manufacture goods for export. We are trying to calculate the new financial guarantee requirements under the UCC to work out if this will impact us immediately. We are clear on the position with regard to the impact on our deferment account but we are struggling to interpret the guidance on the new guarantee requirement for our ‘potential’ liabilities under the relief. Could you clarify the position?
Answer
The EU customs duty legislation changes on 1 May 2016 with the implementation of the Union Customs Code (UCC Regulation 952/2013). The question highlights arguably one of the most material changes and will present most businesses impacted with a bottom line cost they had not previously suffered. The relevant legislation is set out in the...
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We use inward processing relief within our business to manufacture goods for export. We are trying to calculate the new financial guarantee requirements under the UCC to work out if this will impact us immediately. We are clear on the position with regard to the impact on our deferment account but we are struggling to interpret the guidance on the new guarantee requirement for our ‘potential’ liabilities under the relief. Could you clarify the position?
Answer
The EU customs duty legislation changes on 1 May 2016 with the implementation of the Union Customs Code (UCC Regulation 952/2013). The question highlights arguably one of the most material changes and will present most businesses impacted with a bottom line cost they had not previously suffered. The relevant legislation is set out in the...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
