Overview of the Current & Upcoming EU Regulatory Changes

The European regulatory changes are creating an obvious impact, and it’s important to understand their effect on how you do business. Between BREXIT, ICS2, and VAT de Minimis Removal, there’s a lot to unravel.

BREXIT
Now that the BREXIT “transition period” has ended, a Customs Declaration is needed for all shipments from the EU to the UK, and vice versa. Keep in mind, there are 27 member states within the European Union. Also, for goods valued up to £135, UK VAT will be collected at the point of sale, and not the point of import. This ends the previous Low Value Consignment Relief (LVCR).

Import Control System 2 (ICS2)
The goal of the ICS is to mitigate security risks and terrorist threats, especially when it comes to potential explosives hidden in consignments. As of March 2021, data must be supplied for every shipment prior to loading on a flight. This applies to flights going into the EU, Norway, or Switzerland. The shipper needs to ensure all goods are included as line items on the waybill, and that the exact shipper and receiver details are listed.

VAT de Minimis Removal
As of July 2021, all shipments going to the EU, valued below €22, will need an accurate Customs Declaration. This includes addresses and contacts for all parties involved; value of the goods, freight, and insurance costs; detailed descriptions of goods, HS codes, and country of origin; Incoterms, weight, and quantity; and the type of transaction and reason for export.

If you need help with your exports, you can contact Aeronet Worldwide. A knowledgeable associate can assist you with navigating the Customs process, handling all of the details, and ensuring your shipments are compliant with these new regulations.