European Union (EU) Customs Regime
BUSINESS OVERVIEW
Goods that are imported from outside Europe (Non-Community Goods) into Europe (Customs Territory of the Community) that are either not needed immediately or intended for re-export can temporarily be stored in a European Union (EU) Customs Regime.
Temporarily storing these goods in an EU Customs Regime will delay duty and/or VAT payments until the goods leave the warehouse, all the while remaining compliant with EU/local Customs regulations.
In other words, the owner of the goods can hold the imported Non-Community Goods in the Community and decide when to pay the duties or re-export the goods.
The Warehouse keeper must maintain stock records. A stock record system must:
- Control stock movements
- Provide sufficient detail to enable local Customs to facilitate assessment of Customs duty
- Enable checks to be carried out
However, the Customs Regime procedures have a limited time period according to license authorization.
APPLICATION OVERVIEW
The ONESOURCE EU Customs Regime (EUCR) solution is a web-based application built on a single platform containing all the tools necessary for implementing a paperless trading environment.
Standard Overview of Data in ONESOURCE Daily Processing
Application Interfaces
The ONESOURCE EU Customs Regime solution (EUCR) can:
- Interface with the client user’s ERP system so all relevant files are transmitted from the ERP system into ONESOURCE at a selected time and reconciled accordingly.
- Interface with the client user’s inventory management system (IMS) to balance inventory and reconcile with the ERP system on a daily basis. The system will automate the inventory tracking process in order to reduce the amount of time spent manually maintaining inventory records.
- Interface with the local Customs system to allow you to file all required Customs documentation (e.g. Import into Free Circulation).
- Run/create customised reports on a weekly, monthly, and/or annual basis in accordance with local Customs guidelines to facilitate the assessment of Customs duty and to enable checks to be carried out by Customs.