The government has tabled resolutions for a Customs Bill, the ‘Taxation (Cross-border Trade) Bill’, and has now introduced the Trade Bill to Parliament.
The Taxation (Cross-border Trade) Bill will:
The government has tabled resolutions for a Customs Bill, the ‘Taxation (Cross-border Trade) Bill’, and has now introduced the Trade Bill to Parliament.
The Taxation (Cross-border Trade) Bill will:
allow the government to create a standalone customs regime by ensuring that, among other things, the UK can charge customs duty on goods, set and vary the rates of customs duty, and suspend or relieve duty in certain circumstances;
allow the government to define how goods are classified to determine how much duty is due;
allow the UK to set preferential or additional duties in certain circumstances, for example, preferential rates for developing countries (unilateral preferences) and additional duties relating to trade remedies following an independent investigation by the Trade Remedies Authority (see below), and when authorised following trade disputes; and
allow the VAT and excise regimes to continue to function whatever the outcome of the negotiations, for example, by enabling supplies of goods and services to continue to move as freely as possible.
The Trade Bill will:
create powers to enable the UK to transition trade agreements that currently exist between the EU and other countries, and which we are party to through our EU membership;
create the powers needed for the UK to implement the obligations created by becoming an independent member of the agreement on government procurement, maintaining current guaranteed access for UK businesses to global procurement opportunities and offering value for money;
establish a ‘Trade Remedies Authority’ to conduct trade remedies investigations and to assist with international trade disputes; and
enable HMRC to share data on trade so the secretary of state for international trade can carry out other functions currently fulfilled by the European Commission and share data with other bodies, such as the Trade Remedies Authority and World Trade Organisation.
The government published white papers outlining both Bills in October.
The government has tabled resolutions for a Customs Bill, the ‘Taxation (Cross-border Trade) Bill’, and has now introduced the Trade Bill to Parliament.
The Taxation (Cross-border Trade) Bill will:
The government has tabled resolutions for a Customs Bill, the ‘Taxation (Cross-border Trade) Bill’, and has now introduced the Trade Bill to Parliament.
The Taxation (Cross-border Trade) Bill will:
allow the government to create a standalone customs regime by ensuring that, among other things, the UK can charge customs duty on goods, set and vary the rates of customs duty, and suspend or relieve duty in certain circumstances;
allow the government to define how goods are classified to determine how much duty is due;
allow the UK to set preferential or additional duties in certain circumstances, for example, preferential rates for developing countries (unilateral preferences) and additional duties relating to trade remedies following an independent investigation by the Trade Remedies Authority (see below), and when authorised following trade disputes; and
allow the VAT and excise regimes to continue to function whatever the outcome of the negotiations, for example, by enabling supplies of goods and services to continue to move as freely as possible.
The Trade Bill will:
create powers to enable the UK to transition trade agreements that currently exist between the EU and other countries, and which we are party to through our EU membership;
create the powers needed for the UK to implement the obligations created by becoming an independent member of the agreement on government procurement, maintaining current guaranteed access for UK businesses to global procurement opportunities and offering value for money;
establish a ‘Trade Remedies Authority’ to conduct trade remedies investigations and to assist with international trade disputes; and
enable HMRC to share data on trade so the secretary of state for international trade can carry out other functions currently fulfilled by the European Commission and share data with other bodies, such as the Trade Remedies Authority and World Trade Organisation.
The government published white papers outlining both Bills in October.
.jpg?sfvrsn=335a554c_0 "300 x 250 (MPU)")