Germany: Union Customs Code: New provisions to observe

(PresseBox) (München, ) The new Union Customs Code (UCC) is to come into effect on 1st May, 2016. It supersedes the currently applicable customs code and is complemented by a delegating and implementing act, thus repealing the previous Customs Code Implementing Provisions (CCIP). The new regulations in the UCC will serve to bring customs laws in Europe in line with modern-day needs and make them competitive on a global scale. The next step is to introduce all the measures necessary, because this reform will lead to radical amendments in the customs procedures used in businesses. Enterprises will be required to adapt their internal customs procedures and are obliged to have converted them by the end of 2020. The legal revisions to the UCC make an impact on all aspects, ranging from temporary storage to specific measures, particularly those applying to inward and outward processing. The stock status at which customs debt is incurred and extinguished has been completely revised. Furthermore, licensed authorised economic operators (AEOs) have been significantly revaluated. In addition, certain forms of preferential treatment can from now on only be applied for by these AEOs. It is therefore important for businesses to make internal adjustments to the UCC at an early stage and to familiarise their employees with the new regulations; in this way they can avoid mistakes made during conversion to the UCC and adopt the correct measures.

“We suggest you consult your advisor about the amendments and their consequences when seeking approval for customs procedures, and about the streamlining of regulations and the maintenance of your status as an authorised economic operator (AEO).”

Author:
Monik Vent
 

ECOVIS AG Steuerberatungsgesellschaft

Ecovis is a leading global consulting firm with its origins in Continental Europe. It has over 4,500 people operating in over 60 countries. Its consulting focus and core competencies lie in the areas of tax consultation, accounting, auditing and legal advice. The particular strength of Ecovis is the combination of personal advice at a local level with the general expertise of an international and interdisciplinary network of professionals. Every Ecovis office can rely on qualified specialists in the back offices as well as on the specific industrial or national know-how of all the Ecovis experts worldwide. This diversified expertise provides clients with effective support, especially in the fields of international transactions and investments - from preparation in the client's home country to support in the target country. In its consulting work Ecovis concentrates mainly on mid-sized firms.

Both nationally and internationally, its one-stop-shop concept ensures all-round support in legal, fiscal, managerial and administrative issues.

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