Bellerage Alinga

New Customs Code is going to simplify export and import operations

New Customs Code is going to simplify export and import operations

On April 11, the members of the Eurasian Economic Union have signed an agreement regarding the new EEU Customs Code. The most significant features of the new Code are as follows:

 

∙ Traders will only be able to file declarations electronically. An option to file a hard copy will remain for exceptional cases, such as the goods subject to customs transit.

∙ Customs Service will have to reject or approve the customs declaration within one hour from the time of filing, instead of two hours earlier. The goods will have to be released within four hours of the of the declaration’s approval, instead of one day.

∙ The new Code will allow for a differential treatment of the foreign trade operators depending on the perceived level of risk. If a trader is assessed to be low-risk, this will simplify the verification procedure and accelerate passing of customs formalities.

It is anticipated that the agreement on the new Code should enter into force after June 30, 2017.