We understand that the EU Union Customs Code (UCC) will bring in mandatory guarantees for companies wanting to use duty relief procedures such as Inward Processing (IP) Relief or Customs Warehousing to suspend duty and VAT unless the goods remain/ are sold into the EU. We have been told by a consultant that if we apply for Authorised Economic Operator (AEO) status we will get a waiver from putting these financial guarantees in place (which for us would have to cover around £3 million of suspended duty and VAT per annum). In addition, we can also get a waiver from the requirement to have a Duty Deferment Account. We feel we could be in a position to apply for AEO status in about nine months, but currently we have some issues relating to site security. Could you give us a second opinion, please?

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