Starting with November 19, 2016 the Customs Service will apply the EU norms concerning the declarations of the customs value of imported goods. The lowest amount for which a Customs Value Declaration is not mandatory rose to €5,000, up from €300 until now, IPN reports.

The regulations enable the business entities to use the imported goods on condition that they later present conclusive documents to show their customs value and provide a guarantee that would cover the difference between the import duties set depending on the customs value and the duties set provisionally by the customs bodies.

The new regulations also exempt the importers with the status of Authorized Economic Operator from the obligation to present the given declaration in the customs clearance process. In general, the implementation of the given procedure will bring benefits to importers because these will spend less resources, time and money during the clearance process.