In preparation of the abolishment in 2021 of the low value threshold of 22 EUR for VAT, an amendment was made to the Union Customs Code Delegated Regulation (EU) 2015/2446. The amendment provides for a reduced data-set for the declaration of goods up to 150 €. With a customs declaration requiring 3 times less data than a standard declaration the Commission tries to mitigate, for both customs and traders, the impact of the expected significant increase in the number of customs declarations for low value consignments.
Source: EY Monthly Customs Update – June 2019
Latest Posts in "European Union"
- EU Parliament Approves CBAM Reforms: New 50-Ton Threshold, Delayed Certificate Purchases to 2027
- ViDA: Transforming EU VAT with Harmonized e-Invoicing and Real-Time Reporting
- EU Court Ruling on Arcomet: Transfer Pricing Adjustments Pose VAT Risks for Companies
- Italian Tax Authorities Remove Non-EU Companies from VIES for Failing New VAT Guarantee Requirements
- Comments on ECJ C-121/24: Non-payment of declared VAT does not constitute VAT fraud
