A blog by the Cross-Border Trade Hub team - January 2024
At the Cross-Border Trade Hub, we wish you a happy, healthy, and prosperous 2024. As we begin the year, now would be a good time to consider what has changed and what is about to change in the world of customs and cross-border trade.
Commodity Codes
A New Year means a new version of the EU Combined Nomenclature. This is the eight-digit system used for developing commodity codes and applies to both businesses based in Ireland and Northern Ireland. As a result, some commodity codes that you may have used previously will have changed. Therefore, at the Cross-Border Trade Hub we recommend that you make it your New Year’s resolution to review your commodity codes to ensure that all codes used are correct.
If you are unsure of how to find a commodity code, the Cross-Border Trade Hub offers detailed guidance, which can be found at the following link: A guide to commodity codes
Border Target Operating Model
The 31st January 2024 sees the introduction of the first phase of the UK Border Target Operating Model (BTOM). This sees the introduction of new customs controls and SPS requirements for goods being exported to Great Britain. If your business is based in Ireland and you export to GB, it is essential that you familarise yourself with the new requirements to continue to export to GB.
Businesses in Northern Ireland will continue to be able to export goods to GB including via a port in Ireland without facing any customs or SPS requirements. This is known as Unfettered Market Access.
For more information on the BTOM and how it will impact your business, please visit the following link: The Border Target Operating Model
Customs Duty Waiver
Businesses in Northern Ireland who import goods from Great Britain should note that as of 1st January 2024, the maximum allowance for claiming a waiver has increased from €200,000 to €300,000 over three tax years. This will give businesses who import goods which are deemed “At Risk” more capacity to avail of the waiver.
For more information about the De Minimis Waiver, including how to claim and reporting and eligibility requirements, please see the following link: Customs Duty Waiver
Further Support
If you need further support, the Trade Hub contains a digital knowledge base of detailed, but easy to understand guidance to help you trade Cross-Border. In addition, through our chatbot, you may be able to (subject to eligibility) access specialist consultancy support from an approved InterTradeIreland service provider.
Article Reviewed: January 2024