The New Customs Code of the Eurasian Economic Union

From 1 January 2018, the Customs Code of the Eurasian Economic Union will enter into force, which contains many novelties. Unlike the Customs Code of the Customs Union, the new Customs Code of the EAEU provides for submission of an e-declaration by default. The new term for the release of goods will be four hours after registration of the customs declaration, and the process of auto registration will take a maximum of one hour after the date of filing.

Besides, the customs authorities will be able to assign risk categories to participants in foreign trade activity: low, medium, high. The less risk, the less customs formalities For instance, persons with a low risk level will include authorized economic operators, which certificates will be of three types. The type of certificate will determine special simplifications.

The entry into force of the EAEU Tax Code requires harmonisation of the internal customs legislation and adoption of a new law 'On Customs Regulation in the Russian Federation', which has not been submitted to the State Duma yet.