Recent Entry into Force of Provisions to the European Union Customs Code – What does it mean for businesses?

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The EU is the biggest import market in the world, with imports amounting to USD 5.2 trillion in 2015. A recent change made by the EU in customs regulations might have an important effect on importers, which must be familiar with the changes implemented through the Union Customs Code to fully comply and benefit from the new rules.

The UCC’s main changes affect the definition of transaction value and the removal of the “early sale rule,” the use of warehouses, the treatment of royalties, license fees and trademarks, and the different benefits and criteria applied to authorised economic operators.

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