For businesses that import goods and raw materials into the EU, customs duty spend has a massive impact on the bottom line. However, there are several duty relief methods that can be implemented so that your import costs can be significantly reduced.
One such method, Inward Processing Relief (IPR), can apply if you are importing goods and raw materials from outside of the EU, then either exporting these goods as a processed or finished product outside of the EU or releasing them for free circulation within the EU.
Customs Connect has a wealth of tools and resources to help you with the implementation and maintenance of IPR so that you are saving money, remaining compliant and allows you to focus on running your business.
Read more about how we assisted in the application and maintenance of IPR for a major components supplier in the automotive industry in our new case study.
How Customs Connect can help
At Customs Connect, we will ensure the quality and compliance required to run IPR for you, as we have been doing for many customers.
Firstly, we have developed an IPR tool that processes all the data required to make the necessary Bill of Discharge. This ensures compliance with the relevant customs authorities with minimal disruption to your business operations.
In addition, we have the specific know-how to maintain all the necessary operational, legal and administrative requirements for IPR. This includes:
- Carrying out checks of the agent’s import and export declarations to ensure they meet customs requirements
- Updating you if there are any changes to the customs regulations in this area
- Holding periodic meetings with you to see if there are any business changes that could impact on the duty relief (e.g. new products that could be included, changes in recipes, requirements for longer processing time, etc.)
- Submitting necessary amendments to the IP authorisation
- Submitting the IPR re-application when needed
- Producing a simple dashboard of data such as savings, items in, items out, and IPR balance
To find out more about IPR and our other customs planning services, call +44 (0)845 519 0878.