UK businesses will be given further help to become more globally competitive in a new scheme to suspend tariffs on certain imports.
This scheme will only allow applications from 1 June 2021 and closes 31 July 2021.
It will allow companies that use imports to ask for duties on them to be partially or wholly withdrawn for a set period, lowering importation costs. Duty suspensions allow unlimited quantities to be imported into the UK at a reduced tariff rate.
During the UK’s membership of the EU, companies had to have such requests approved by all member states.
As an independent trading nation, the UK government has established its own tariff regime, and has the power to decide how the duties it contains should be applied.
It is import this is duty suspension, and does not include Import VAT or additional duties such as anti-dumping.
Suspensions granted as a result of this application process are expected to come into effect no earlier than early 2022 and apply until Summer 2024. So their is a great ability for businesses to utilise this suspension for a 2 year period.
It is good to understand that challenges surrounding the Covid-19 pandemic, any current duty suspensions that the UK government rolled over from the EU will be extended beyond 31 December 2021 to ensure business certainty and aid their import activities.
From next month, firms based in the UK will be able to apply for duties on goods they import to be temporarily reduced or withdrawn. Once a suspension has been introduced, all UK importers will be able to benefit from the reduced rate.
The application form can accessed at UK Trade Tariff: duty suspensions and tariff quotas - GOV.UK (www.gov.uk)
コメント