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Ireland Announces New Round Of Tariff Suspension Schemes

by Jason Gorringe, Tax-News.com, London

03 January 2018


The Irish Government has announced a new round of tariff suspension/quota schemes, and is calling for applications from manufacturers in the chemicals, microelectronic, and related sectors.

The EU's Treaty of Rome provides for the temporary suspension of duties on imports from outside the EU of raw materials and components for further processing in cases where it is established that the item cannot be sourced within the EU. Ireland's Department of Business, Enterprise and Innovation advertises twice yearly for applications to the scheme.

The closing date for receipt of applications to the current round is January 26, 2018.

The suspension of duties on successful applications will come into effect 12 months after the application is made. A suspension will be valid for five years. A quota will be valid for a period of six to twelve months.

Business Minister Heather Humphreys said: "I am acutely aware that Irish manufacturers identify production costs as a key concern of operating in the global marketplace. The tariff suspension and quota schemes represent a great opportunity for businesses to gain a competitive edge by keeping down the cost of sourcing components that are not available in the EU."

"I would encourage all Irish manufacturers to avail of these schemes where such a need arises."

All applications submitted by EU member states are checked by the European Commission. They are then discussed by the Economic Tariff Questions Group, which is comprised of the Commission and representatives of all member states. There are typically three Commission meetings per round of applications, followed by a meeting of the European Council to approve the proposals.

TAGS: business | European Commission | Ireland | export duty | tariffs | import duty | trade | European Union (EU) | Europe

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