The Department for International Trade (UK GOV) have released new information on a new trade tariff regarding international trade on 6th February 2020.
With the confirmation that the UK has left the European Union on 31st January 2020, the Department for International Trade is preparing the UK’s first independent tariff policy in almost fifty years. The new tariff, named Most Favoured Nation (MFN) will enter into force on 1st January 2021. The new tariff will apply to all goods being imported into the UK, except for those under a preferential arrangement or tariff suspension.
A consultation to inform upon the Most Favoured Nation tariff schedule, the UK Global Tariff, is available until 11:59pm on 5 March 2020.
The consultation offers you the opportunity to provide:
- views on a potential series of amendments to the Common External Tariff to create a bespoke UK tariff- specifically: simplifying and tailoring the UK Global Tariff policy, removing tariffs on goods imported by UK businesses to manufacture other goods, and where the UK has zero or limited domestic production
- specific feedback on specific products or commodity codes of importance to you, including on the corresponding tariff rate
- information on your interactions with MFN tariffs and the importance of tariffs to your sectors
Read the full story at https://www.gov.uk/government/consultations/the-uk-global-tariff
