EU opens scheme to allow fast-tracking of goods
This week saw the opening of the application process for businesses to apply to join a new EU scheme to obtain the status of ‘Authorised Economic Operator’ (‘AEO’).
Traders achieving AEO status will benefit from simplified procedures when importing and exporting goods and the potential for goods to be fast-tracked through customs controls.
Any person involved in international supply chains, who carries out customs related activity in the EU is eligible to apply. Although applications can now be submitted, due to the ongoing consultation period, HMRC will not issue the first certificates until mid March 2008.
Steve Hodgetts, VAT partner at Baker Tilly comments “It is likely that tax authorities will perceive those operators outside the scheme as higher risk, leaving their consignments more likely to be held up in searches. Consequently, traders inside the scheme might avoid trading with those outside the scheme for fear of delays with their consignments. Consequently, it is important that traders seek advice on whether joining the scheme would be beneficial to them.”
