Baker Tilly urges Scottish importers to prepare for new customs duty regime
From 1 May 2016, the current regime will be replaced by the new European Union Customs Code.
As the firm explains, under the new Code, all importers can expect:
Jim Burberry, head of indirect taxes at Baker Tilly in Scotland said: “All importers in Scotland need to take action now to identify key areas of uncertainty and to consider potential risks and opportunities. Some importers will find they will need to change the way they manage their supply chain. Others will find they will need to obtain Authorised Economic Operator authorisation.
“Careful preparation is required as our recent experiences have highlighted the significant impact on margins that any mistakes in customs duty can have on a business. This can be from incorrect valuations on products leading to a deficit of duty being paid to reliefs for rejected or returned goods not being appropriately claimed.
“Many businesses successfully use import agencies to clear goods. However, whilst diligent, the speed of clearance is usually a priority and if any customs duty is due, responsibility lies with the business. It is therefore important to review your arrangements to ensure you accurately account for customs duty.”
Further information on the imminent customs duty changes is available on the Baker Tilly website.