New EU Customs Code: Pros And Cons For US Importers

Law360, New York (May 12, 2016, 10:24 AM EDT) -- Laura Rabinowitz

Laura van der Meer Starting May 1, 2016 the new Union Customs Code (UCC), which controls all trade with the European Union, went into effect. The UCC, adopted by the EU in 2013, is intended to clarify customs regulations throughout the EU and to create an electronic system to expedite entry and exportation procedures. Several provisions of the newly implemented UCC will likely be beneficial for multinational businesses as they will simplify the customs and trade environment. However, a number of other new provisions, particularly those related to the valuation of merchandise, will increase the duty burden. Accordingly, companies...

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