HM Customs are inviting applications for the Simplified Import VAT
Accounting Scheme (SIVA). This scheme allows a reduction in the level of
financial guarantee required to operate duty deferment accounts (VAT only).
It is estimated that the introduction of this scheme will save importers £80
million in compliance costs.
The scheme is due to be introduced with effect from 01.12.03 but Customs are
asking for applications to be made BY THE END OF JULY.
If you require further information please contact us on 0121 778 4299.
This newsflash is designed to keep readers abreast of current developments. No
liability is accepted for errors, omissions or opinions it contains or for any
reliance placed on this newsletter.
