Articles under Customs Terms

What is Union Customs Code(UCC)

Union Customs Code(UCC) - Explain Union Customs Code (UCC) is the customs code for the European Union. It was introduced across the European Union (EU) on 1 May 2016. It provides a comprehensive framework for customs rules and procedures in the EU customs territory adapted to modern trade realities and modern communication tools. The UCC also introduced a number of new concepts and modernises many existing procedures. There are a number of changes to how goods cross EU border

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Entry in Declarant’s Records (EIDR) – Explain

What is Entry in Declarant’s Records (EIDR) under UCC   Entry in Declarant’s Records (EIDR) is a new facilitation introduced under the Union Customs Code(UCC). In European Union (EU), Entry in Declarant’s Records (EIDR) allows economic operators to release goods to a customs procedure without the need to provide a full customs declaration at the point of release using a simplified data set via an entry in their electronic commercial records.  A supplement

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Explain Caribbean Basin Initiative (CBI)

Caribbean Basin Initiative (CBI) beneficiary countries   The trade programs known collectively as the Caribbean Basin Initiative (CBI) remain a vital element in the United States’ economic relations with its neighbour’s in Central America and the Caribbean. The CBI is intended to facilitate the economic development and export diversification of the Caribbean Basin economies. The Caribbean Basin Economic Recovery Act of 1983 (CBERA), provides duty free entry of textile go

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Customs terms, CET means

What is Common External Tariff (CET) in customs   CET means the Common External Tariff and is an indistinguishable rate of tax forced on products imported from outside nations into Partner states. For Example, the European Common Market depends on the rule of a free inward exchange zone with a typical outside tax connected to items imported from non-part nations. Facilitated commerce territories don't really have regular outside taxes. The selection of the basic outside tax (CET)

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Customs provisional Assessment Regulations, 2018

Customs Regulations, 2018   Customs (Finalisation of Provisional Assessment) Regulations, 2018.   Notification No.73/2018-Customs(N.T.) dated 14 th August, 2018  G.S.R.—(E). – In exercise of the powers conferred by clause (d) of section 157 read with section 18 and clause (ii) of sub-section (2) of section 158 of the Customs Act, 1962 (52 of 1962), the Central Board of Indirect Taxes and Customs hereby makes the following regulations, namely: &nb

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