I would like to inform you about current ongoing discussions in the EU about increasing customs duty costs when companies are using customs (or bonded) warehouses*.

According to the new UCC provisions that will enter into force as of 1 May 2016, if goods are put and stored into a customs warehouse in which VAT and customs duties are suspended, it is understood that the value for declaration purposes will be the one of the sale occurring when the goods are leaving the customs warehouse. Read More »