Introduction Inward processing enables imports of raw materials or semi-manufactured items to be processed for re-export within the UK, without the companies requiring to pay customs tax or VAT on the imported goods. There are two distinct ways; one permits suspension of the duty, while the other requires less or delayed payment. Authorisation Requirement by [...]
Continue readingIntroduction Customs valuation is the process of determining the value of goods or commodities for Government taxation purposes. The customs value serves as the foundation for the following activities: computing the customs duty, imposed as a percentage of the total worth of the products and is known as 'ad valorem' duty calculating the VAT on [...]
Continue readingThe Customs Declaration Service (CDS) is the government’s new customs platform. It is brought in to replace CHIEF as the main UK import and export system, but (unlike CHIEF) it has been designed to be able to keep pace with ever-evolving requirements, changes in regulations, and technology enhancements. CDS enables UK companies to submit import [...]
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