UK To Cut Import Tariffs From Some Of World's Poorest Countries
Starting January 2023 ...
Posted by Roger Eddowes on 01/09/2022 @ 8:00AM
There are many thousands of products the United Kingdom imports, but this can be costly when importing from the world's poorest countries. However, the UK Government is cutting import tariffs on more products ...
I think this is great news, especially for seasonal produce we can't grow ourselves during the winter!
The Developing Countries Trading Scheme will come into force in January 2023 and matches a similar scheme the country was part of when it was a member of the European Union.
"Clothes, shoes and food not widely produced in the UK will now benefit from low or even zero tariffs!"
This scheme currently covers 65 developing countries, and by adding hundreds more products, 99% of goods imported from the likes of Africa will have no tariffs applied. The Government's aim is to help eradicate poverty from these countries, but also to reduce their dependence on UK aid.
However, a country can be suspended from the scheme because of human rights violations, a rollback of labour laws and not meeting its climate change obligations. We're a very generous trading nation, but they must abide by the rules.
"As a UK business, you can look forward to less red tape!"
This is the aim of the Developing Countries Trading Scheme from our country's side. A reduction in red tape and lower costs will incentive firms to import goods from developing nations, and may even help with our cost of living crisis this winter.
I think this is great news, especially for seasonal produce we can't grow ourselves during the winter.
Until next time ...
ROGER EDDOWES Business Godparent
Would you like to know more?
If anything I've written in this blog post resonates with you and you'd like to discover more about importing under the Developing Countries Trading Scheme, it may be a great idea to give me a call on 01908 774320 and let's see how I can help you.
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Roger trained at Edward Thomas Peirson & Sons in Market Harborough before working at Hartwell & Co, followed by Chancery, as a partner. He started Essendon Accounts and Tax with Helen Beaumont in 2014 as a general practitioner with a hands-on approach.
Roger loves getting his hands dirty, working with emerging, small-to-medium and family businesses to ensure they receive the best possible accountancy advice. Roger utilises an extensive network of business contacts to leverage the best guidance and practical solutions.
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