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Customs

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In addition to minor editorial amendments, the European Commission has made the following key changes to the Customs Valuation Compendium (the “Compendium”), which serves as useful guide for the customs valuation of goods imported into the EU. The Compendium is prepared primarily for local customs authorities of the various EU Member States, but is made publicly available for interested parties. The latest version was published in April 2024. Customs valuation treatment of damaged or defective…

To offer a consolidated faculty of speakers across the globe that will deliver cutting-edge insights and guidance virtually on key global compliance, investigations and ethics trends, our Annual Mid-Year Trade Compliance sessions are now part of our Annual Compliance Conference that will be taking place virtually from 30 April – 6 June this year (with a vacation break during the week commencing 27 May). With 14 virtual sessions across five weeks, we want to…

On 23 April 2024, the European Parliament approved the proposal of the EU Forced Labour Regulation (“Regulation”). The text of the Regulation was approved on first reading with 555 votes in favour, 6 against, and 45 abstentions. The officially adopted text can be found here. Under the Regulation, all products (including their components) manufactured using forced labour or placed and made available on the market in the EU, or exported from the EU will be…

On April 22, 2024, the United States Trade Representative (USTR) announced its initiation of a Section 301 investigation into China’s acts, policies and practices in the maritime, logistics, and shipbuilding sectors. The investigation is in response to a petition filed in March by five US labor unions alleging that China engages in unreasonable or discriminatory practices that provide unfair advantages in the maritime industries. The petition cited specific conduct alleged to target the maritime, logistics,…

We are excited to launch Nearshoring Quick Chats, a collection of short conversations to guide you through the opportunities and challenges of nearshoring in Mexico. Our lawyers will discuss the main implications and challenges in the legal sphere around this trend, brought around by the ongoing geopolitical events. Many of our clients look to expand or move supply chain operations to more economical jurisdictions (while staying close to critical markets). For companies that focus on…

On 12 April 2024, the European Commission adopted the Implementing Regulation no. 2024/1071 (“Regulation”) relating to binding valuation information (“BVI”) decisions in the field of customs valuation and introducing an electronic system for binding origin information (“BOI”) and BVI decisions. The Regulation can be found here. The possibility to apply for BVI decisions from relevant EU customs authorities was introduced into EU Customs Law by Commission Delegated Regulation (EU) 2024/1072. See our earlier blog about…

When importing goods into the UK, traders are required to account for any applicable customs duty and import VAT (collectively “Duties”) on import unless they can utilise a customs special procedure to delay or reduce payment of these amounts. Customs special procedures include the Inward Processing (“IP”) regime which allows traders to suspend the Duties while the imported goods are subject to repair or further manufacturing. Where a trader utilises IP, they are required to…

Article 73 of the Union Customs Code (“UCC”) provides an easement for determining the customs value of goods, where elements of the transaction value are not quantifiable at the moment of importation. The simplification has been proven particularly useful for declaring additions to value such as assists (e.g. certain R&D related costs), royalties and license fees. Subject to an authorization from the competent customs authorities, the simplification allows for the value of these elements to…

Our popular Annual Compliance Conference, which attracts over 4,000 in-house senior legal and compliance professionals every year from across the world, will be taking place from 30 April – 6 June (with a vacation break during the week commencing 27 May). We will be delivering our cutting-edge insights and guidance virtually on key global compliance, investigations and ethics trends.  We invite you to join us to gain practical insights and analysis on significant developments across: antitrust…

Last week, HM Revenue & Customs (HMRC) and HM Treasury launched a public consultation on the introduction of a UK carbon border adjustment mechanism (CBAM), following its announcement in December 2023. The CBAM proposal forms part of the UK government’s wider strategy to tackle carbon leakage. To achieve this it will impose a carbon price on imported goods with the aim of levelling the playing field and ensuring that imported goods are subject to a…