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With effect from 1 January 2007, the European Union (EU) has expanded the listing of pharmaceutical products and associated materials (including chemicals, derivatives and intermediates used for the production and manufacture of finished pharmaceutical products) that may benefit from duty-free treatment upon importation into the EU.
What this means to you
Are you taking full advantage of the duty savings opportunities that have arisen as a result of the expanded listing?
- You or your EU customer may be paying duty of 5.5% - 6.5% on certain chemical and pharmaceutical products that are eligible to enter the EU duty free.
- You or your EU customer may have paid duty on such products in the year to date, but are not claiming a refund for them.
How we can help you
If the above sounds new to you, or if you have heard about it but do not have the resources or internal knowledge to act on it, we can help you:
- determine whether you are sending products to the EU that could benefit from the duty savings opportunities;
- prepare the relevant paperwork to reclaim duty already paid; and
- ensure you have the right processes in place to benefit from duty-free entry into the EU.
The PwC advantage
PwC has an international customs and international trade network second to none, including specialists in Singapore, the EU and throughout Asia Pacific. Our knowledge of compliance requirements and procedures, as well as our access to the relevant authorities, provide you with high-value high-impact solutions to this as well as other customs and trade issues.
We have an excellent reputation and track record of work with the pharmaceutical industry in Singapore. In the EU, our experts in every member state are familiar with the specifics of duty refunds in their own territory and are ideally placed to help you and/or your customer.
If you would like to know more, we welcome you to consult with us. We would be happy to meet with you and discuss how you can take advantage of this savings opportunity. |
