EY’s Global Tax Alert highlights important changes to be introduced by the EU Customs Code.
- First Sale for Export rule abolished, although some planning opportunities exist in the short-term.
- Bonded warehouse transactions are somewhat unclear.
- Royalties, license fees and trademark intangible transactions are undergoing major changes.
As the OECD is preparing to issue final Guidelines for the BEPS Actions tomorrow, it is a critical time to ensure that tax and customs practices for multinationals are integrated in their operations while sharing Best Practices and learning how the international tax world is being transformed.
The EU Customs Code changes merit immediate review for planning opportunities, as well as time to change systems accordingly for the new rules.