IoM To Support Firms On EU's New Customs Code
by Jason Gorringe, Lowtax.net, London
13 January, 2016
The Isle of Man Government is to work with domestic companies to ensure they are prepared for the new Union Customs Code, which will become the main customs legislation for the European Union from May 1, 2016.
The UCC is intended to support the modernization of EU customs law, allow for greater trade facilitation, reinforce the need for security and safety of the supply chain, move to a paperless customs environment, and harmonize and standardize customs controls.
The provisions of the new Code are to be phased in over a number of years, with transitional arrangements, and with full implementation by 2020. An example of the phasing in of aspects of the UCC is that existing customs authorizations will continue until they expire or are reassessed, with a final cut-off date in 2019.
Under the UCC, being an Authorised Economic Operator (or AEO) becomes obligatory for certain customs simplification arrangements, and advantageous for other purposes.
The use of electronic communications with customs authorities is an element of the UCC. However, special arrangements will be put in place in the Isle of Man. In early 2016, officials from the Customs and Excise Division will be visiting a number of businesses in the island that have been identified as being particularly affected by the implementation of the UCC, to assist with the understanding of how it will affect them.
The Isle of Man Government highlighted that a new Public Notice 3001, dealing with the special procedures for the UCC (inward processing relief, outward processing relief, customs warehousing, end-use relief, free zones and Temporary Admission), is now available on the UK Government website.
See all of today's news