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A fundamental requirement for information to flow seamlessly across different IT systems is that they all speak the same language. Cross-border regulatory agencies retaining the right to determine … the data they require should all use a similar language and have harmonized the way in which the required data is submitted. This is also critical for enabling economic operators to use the same system to comply with the requirements of different administrations and countries.

For businesses trading between the EU and UK, 2021 has been a year of change. The various easements introduced by HMRC with the aim to phase in the changes caused more confusion. With three months … left to the year, take a look at the top 5 common mistakes made by businesses this year and read about how you can avoid them.

In the EU, the “simplification for the determination of amounts being part of the Customs value of the goods” under the transaction value method allows operators to avoid the burden of a two-step … declaration – i.e. a simplified declaration followed by a supplementary declaration – and to finalise Customs valuation declarations without delay in situations where there is no risk for the collection of import duties. Such simplifications are becoming increasingly relevant given the growing number of value elements, such as royalties or commissions, that cannot be quantified at the time of importation.