How to save on import duties?

The third session of the Customs Academy focused on potential import duty savings - for example by means of tariff engineering – the use of free trade agreements, tariff suspensions, returning goods relief and customs special procedures.

Below you can find the key takeaways.

• Classification of your product can impact the import duty hit
  Using the correct commodity code ensures you pay the correct import duties on your product. Making changes to the design of a product in order to reclassify the final product under a more favorable commodity code can be a solution for some products. Saving on import duties without altering the fundamental characteristics of a product can thus be worth investigating. 
  
  
• Sourcing with preferential EU partners 
  Having a clear view of the EU’s preferential trading partners and your production process/supply chain can help you save on import duties if a product is eligible for preferential EU-origin. It is important to verify whether you fulfill the requirements of an FTA and the applicable preferential tariffs via Access2Markets.
  
  
• Knowing your supply chain can help to identify import duty reliefs
  When (re)importing goods into the EU, a range of duty relief procedures (e.g. returned goods relief) are available. Make sure to check whether your goods are eligible​.
  
  
• Keep an eye on your value chain in light of special procedures
  This will allow you to identify possible duty savings via the use of special procedures, especially if your goods are (temporarily) exported outside of the EU.

How to save on import duties ?

1. Tariff engineering
2. Preferential duty access
3. Import
4. Special procedures
5. Key Takeaways

If you missed the third session or would like to revisit it, we invite you to watch the recording and download the slides.