Navis Group Ltd. is pleased to announce that it has received the simplified “General Guarantee” (100% of customs payments) and can now provide financial guarantees for T1 to interested clients. This guarantee can be provided in two ways:
- Using our own funds to provide the guarantee.
- Purchasing such a guarantee from insurance companies for a specific client for a fee.
There are three types of clients who may be interested in this service:
Exporters: Currently, when exporting (EC10), customs requires a cash deposit equivalent to the VAT on exported goods. If T1 is processed under the guarantee, the exporter is not required to deposit this cash, thus avoiding freezing their working capital in customs accounts.
Importers: When processing IM40EE (preliminary declaration), funds are reserved without considering benefits and preferences. Processing T1UA instead of IM40EE under a financial guarantee eliminates the need for such funds reservation.
Carriers: When transporting export goods, carriers can process T1 to the destination customs at the border through relevant agents.
Recently, we completed our first T1UA processing for an importer of European goods with preferential duty rates. What did this offer the client? It allowed them to avoid making a cash deposit for customs duties. Upon arrival at the destination customs for clearance, the client only paid the VAT. Thus, the T1UA mechanism allows clients to avoid advance payments and not transfer duties to customs at the moment the goods cross the border.
Navis Group Ltd. continually improves its services to ensure maximum convenience and savings for our clients. Contact us for more detailed information about our new capabilities and services.