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Customs update 2018
The new Customs Code of the Eurasian Economic Union entered into force on 1 January 2018. To ensure its proper functioning, though, the Eurasian Economic Commission will have to issue a number of supporting regulations and Russia will need to adopt the new Federal Law “On Customs Regulation in Russia”. Most of the developments and amendments are meant to simplifying the customs formalities and making the business environment in Russia more attractive.
The trend towards digitalisation in customs continues. Significant changes are expected in the goods’ traceability mechanisms, which would allow monitoring movement of the goods from the producer to the customer. Traceability should become an effective automation tool, but will also create new challenges for the business.
Rapid development of e-commerce remains under the scrutiny of the Russian Government, including regulations regarding the goods acquired by private customers from foreign
At the same time, the practical focus of the customs authorities still stays with more conventional issues, such as customs valuation (in particular, inclusion of license payments into the customs value of imported goods).
In this update, we have summarised the most important changes in the EEU and Russian customs laws and regulations, which may affect the business in 2018.