As every year, the European Union (EU) has updated the rules on tariff suspensions and quotas. The tariff suspensions for 2015 are set out in the Annex to Regulation (EU) No 1341/2014 and the tariff quotas for 2015 are listed in the Annex to Regulation (EU) No 1340/2014.
What is duty suspension?
Suspension means that the rate of duty to be levied by the third country is at least reduced for all goods to be imported. In most cases, the rate of duty in third countries is even 0%. On the other hand, tariff quotas are limited to a certain total quantity of goods imported into the EU.
Suspensions and tariff quotas are mostly granted for agricultural and industrial products produced in the EU to a limited extent. In particular, companies importing raw materials or components should address this issue in order to remain competitive.We will be happy to advise you whether you can benefit from the tariff quotas and tariff suspensions and how you can submit the corresponding applications. Contact us here.