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Duty relief procedures
Thu 6 April 2017, 13:15 – 16:15 BST
Duty and VAT is applicable to all goods imported into the EU. However, there are circumstances where such taxation is not justified, and duty relief is applied. Explore how you can obtain duty relief on goods imported from outside the EU that are then processed and re-exported. Reduce your costs (not your profits!) and avoid legal repercussions.
If you're a regular importer, it's possible to defer paying import duty and import VAT by setting up an account with HM Revenue & Customs (HMRC). The advantage of this is that you can put off payment by an average of 30 days and your goods will normally be cleared for release more quickly
Customs duties can be temporarily suspended for certain goods, but this doesn't affect any anti-dumping duties also in place. Goods imported under suspension arrangements are in free circulation on the EU market, just like all other legally important goods. Suspensions are normally granted for raw materials, semi-finished goods or components not available within the EU.
This is part of our customs workshop series, designed to help importers and exporters navigate customs procedures effectively. Each half day session will focus on specific customs procedures to help ensure you’re businesses is benefitting from them, maintain effective and compliant in-house processes, and minimise potential Duty/VAT liabilities.
Following the introduction of the Union Customs Code in May 2016, there are planned changes to import, export and storage procedures. This will affect any business seeking authorisation for customs regimes, and will lead to more scrutiny of valuations, tariff codes and origins.
Who should attend?
Import staff, purchasing, finance, shipping/logistics, compliance and service industries (freight forwarders, legal and financial services).