The Union Customs Code, One Month In

The new Union Customs Code (UCC) came into effect on the 1st May 2016 and as a firm we are already finding that this new legislation is having an adverse effect on many of our clients. For example, any organisation operating Inward Processingor other ‘special procedures’ where Customs Duty is suspended will be required to provide a financial guarantee to cover the VAT and Duty being deferred under this relief. This can have an unexpected and unplanned financial consequence for any business importing goods from outside the EU and then re-exporting after processing. 

 

If you wish to explore the impact the UCC may have on your business, including how the implemented changes may affect current operations from a customs perspective a quick consultation with David Miller, Director of The Customs People, can prevent falling foul of these changes and potentially suffering financial losses.

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