EU UPDATE: Customs - Combined Nomenclature 2014 Published
The European Union’s updated Combined Nomenclature (CN), which will be applicable from 1 January 2014, has been published on the 31st of
October 2013 in the Official Journal: http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2013:290:0001:0901:EN:PDF.
The Combined Nomenclature is updated on annual basis.
It is primarily relevant for companies involved in importing into the EU, exporting from the EU, or intra-EU movements.
The CN code is one of the key elements in determining the customs duty rate.
Determining the CN code is not always a straightforward exercise, and disputes with customs authorities in relation to the classification of products are frequent.
Using the wrong CN code can lead to criminal and administrative prosecution, financial penalties and significant internal resource expenditures.
With proper pro-active customs planning and strategy risk exposure can however be substantially reduced.