Dublin, Ireland, 15 October 2019: The Minister for Business, Enterprise and Innovation, Heather Humphreys T.D., today (October 15, 2019) urged businesses to make sure they are ready to avail of the Customs Transit Procedure for moving goods through the UK Landbridge post-Brexit. It takes time to put this procedure in place so businesses should start planning now.
The Customs Transit Procedure removes the requirement for businesses who are transiting goods through a non-EU country to pay duties and complete customs declarations when they enter the country and again when they leave it to re-enter the EU.
However, to use the Customs Transit Procedure a business must have a Revenue-authorised Comprehensive Guarantee, which covers Transit through third countries, which the UK will be post-Brexit. Importantly, to avail of the Transit element of that guarantee, a business must also have in place a financial guarantee from a bank, to cover potential and actual customs debts such as customs and taxes associated with goods transiting the UK.
Minister Humphreys announced today that the Department of Business, Enterprise and Innovation’s Credit Guarantee Scheme can be used by business to back their financial guarantee from a bank. The Credit Guarantee Scheme can be availed of through Bank of Ireland, Ulster Bank and AIB and it provides an 80% guarantee to the banks on qualifying facilities to SMEs.
Calling on businesses to put the necessary procedures in place, Minister Humphreys said: “Businesses that move their goods to or from mainland Europe using the UK Landbridge need to be aware that customs procedures will apply to them post-Brexit.
“‘Transit’ is a customs procedure that allows goods to pass freely across customs borders without the requirement to complete customs declarations and with all duties and other charges suspended until arrival at their destination. Simply put, this will improve the process of moving goods to and from the Continent through the UK after Brexit.”
Minister Humphreys commented, “It can take time to put the necessary Comprehensive Guarantee and accompanying financial guarantee in place. So, whether you’re a cement manufacturer exporting to Germany or a florist importing flowers from Holland using the UK Landbridge, I urge you to contact Revenue and your bank or financial providers straight away. Alternatively, you can engage a customs agent or logistics company to do so. Whichever procedure you choose, you need to begin the process without delay”.
Further information about actions businesses can take now to prepare for Brexit is available on www.dbei.gov.ie