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The European Commission has updated the list of tariff suspensions and quotas

Tariff suspensions and quotas allow EU companies to reduce customs duty on imported materials and semi-finished goods needed for production. The European Commission regularly updates the list of suspensions and quotas, with the latest update effective from 1 January 2024. Importers can apply for these suspensions and quotas, with the quota being on a first-come, first-served basis. Companies should periodically review the possibility of using existing suspensions or quotas for their imports. Retrospective application for tariff suspension or quota is also possible. Any company using imported products for production can apply, provided the annual value of uncollected customs duty is at least EUR 15,000, and it is difficult to obtain the goods on the EU market. Applications are submitted twice a year, with the earliest deadline for submission being 14 February 2024.

Source Deloitte


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