Eurasian Economic Union Adopts Custom Code
The Customs Code of the Eurasian Economic Union (annex No. 1 to the Agreement on the Customs Code of the Eurasian Economic Union) was adopted originally in Moscow on November 04, 2014. It is aimed at ensuring uniform customs regulation within the territory of the Union.
The Customs Code of the Eurasian Economic Union (EAEU TC) is intended to replace the former Customs Code of the Customs Union. It also incorporates the norms of a number of international treaties that are currently part of the EAEU.
Among the main innovations of the EAEU Customs Code is primarily electronic customs declaration authorizing the ECE to establish standards for duty-free importation of goods for personal use. Furthermore, the new code contains a section that regulates the legal status of customs authorities and how they shall interact within the Union. A separate section of the code is devoted to customs activities and authorized commercial operators.
Thus, a unified customs regulation is introduced on the territory of the Union. Reservations to the treaty are not allowed. It can be amended and supplemented, the processes for which are formalized by separate protocols. The contract comes into force from the date of receipt of the last written notification on the fulfillment by the EAEU countries of the necessary domestic procedures, but not earlier than July 1, 2017.
Translated by Alinga Consulting Group.
About Alinga Consulting Group
Audit and Taxation Legal Accounting and Payroll
Questions? Ask Alinga's Experts!
| ||Source: Garant.ru|| |