News | 2 minute read
Customs valuation plays a crucial role in international trade, determining the duties, VAT, and tariff quotas applicable to imported goods. However, navigating the complexities of customs valuation and transfer pricing in the EU has long been a challenge for businesses. To address this issue, the European Commission has introduced Binding Valuation Information (BVI) decisions, aimed at increasing legal certainty and transparency. This article explores the significance of BVI, its relationship with existing binding information decisions, and its impact on economic operators within the EU.
Dutch Customs is currently working on the first phase of the implementation of CERTEX, the European Union Customs Single Window Certificates Exchange System (EU-CSW-CERTEX). This system is an important step in the further automation of customs declarations and contributes to more efficient processing of non-customs formalities.
From 1 January 2025, VAT corrections for errors made in the past five years must be submitted within eight weeks of discovery. This change aims to eliminate confusion over previous vague submission deadlines that often led to disputes. By introducing a clear supplementation period, the new law offers a more straightforward framework for VAT corrections.
Starting March 1, 2025, Skal Biocontrole will take over all organic import controls in the Netherlands, replacing Customs. This includes verifying the organic status of shipments and endorsing the Certificate of Inspection (COI) earlier in the process. These updates ensure compliance with EU regulations and streamline organic import controls in the Netherlands.
News | 1 minute read
Just days prior to the inauguration of Donald Trump as the new American president, the European Union and Mexico announced the modernisation of their Global Agreement. The timing of this news sends a message of unity.
On January 1, 2025, Romania and Bulgaria officially joined the Schengen Area, marking the end of time-consuming border controls at their inland borders. It is a noteworthy development against the backdrop of countries like Germany introducing increased border controls.
On February 01, 2025, the EU-Chile interim Trade Agreement (ITA) will replace the EU-Chile Association Agreement. This new bilateral trade agreement is designed to enhance trade and investment liberalisation between the EU and Chile. Learn more about what is changing.
As part of the Union Customs Code (UCC) modernisation, Belgian Customs is implementing significant changes to the New Computerised Transit System (NCTS). On January 21, 2025, Belgium will transition from NCTS Phase 4 to Phase 5 through a "Big Bang" approach, affecting all transit declarations.
News | 0.5 minute read
The European Commission has announced a new investigation into the revision of its safeguard measures on steel. This inquiry was requested by thirteen EU Member States. The measures in question involve tariff-rate quotas, which allow goods to be imported with reduced or no duties up to a specified limit. These quotas are divided into 26 categories based on historical trade flows. Once the quota is exceeded, imports are subject to a 25% tariff.
