Foreign traders doing business in the UK market, come and get the latest tax-free list!

In April, the British government announced that it would suspend import tariffs on more than 100 commodities until June 2026.

According to the British government, 126 new tariff suspension policies will be implemented on goods that are not produced in sufficient quantities in the UK, and the tariff suspension policy on 11 goods will be extended.(wedge anchor bolt)

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This tariff suspension policy follows the World Trade Organization’s principle of most-favored-nation treatment, and the suspension of tariffs applies to goods from all countries.(threaded rods)

The UK launched an independent tariff suspension program in December 2020 after Brexit, allowing companies to request a suspension of tariffs for a period of time. British Trade and Investment Secretary Greg Hands said the government made the decision after receiving 245 applications for suspension of tariffs, which responded to business needs.(concrete screw)

“From auto parts to food and beverages, we are helping companies reduce import costs and stay competitive,” Hands said in an interview. He said the British government took into account existing free trade agreements as well as consumer interests in its assessment. Other products where import tariffs have been eliminated include chemicals, metals, flowers and leather.(B7 & stud bolt)

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What our foreign trade companies need to note is that some suspended tariffs apply to different tax items of the same product. The main criterion for choosing which tariffs to suspend is that “the same or similar products are not produced in the UK or its territories, the production quantity is insufficient, or the production is temporarily insufficient”, so foreign trade companies need to query the accurate customs code to confirm whether the product meets the tax exemption requirements.(solar fixing)

Post time: May-06-2024
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