Intrastat Low Value Consignments Commodity Code is NOT being Withdrawn!

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Yesterday, HM Revenue & Customs issued a Press Notice - Withdrawal of Pseudo Commodity Code 9950 0000 for Use with Low Value Imports.

Apparently, reports have been circulating elsewhere that this relates to the withdrawal of the Low Value Consignment Code for the purposes of Intrastat reporting.

HMRC has confirmed that this is not the case: it is only being withdrawn - from 1 July - for the purposes of reporting imports into the European Union - such as goods enjoying Low Value Consignment Relief on importation into the EU.

We understand that HMRC will publish clarification on its website very soon!

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Lee is TaxationWeb's Articles & News Editor and writes for TaxationWeb. He is a Chartered Tax Adviser with experience of advising individuals and owner-managed businesses over a broad spectrum of tax matters.

Article Added Friday, 13 May 2011 | 784 Hits

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