Authorised Economic Operators (AEO) update
HMRC have issued an update relating to Authorised Economic Operators (AEOs). It will be of interest to AEOs and to businesses interested in applying for AEO status.
‘AEO’ is effectively a recognised quality mark of a business’s customs control and operating procedures. Businesses that are actively involved in international trade and hold the AEO standard can in many cases fast-track shipments by reducing the number of safety and security checks performed by HMRC and other EU tax authorities. The AEO status became effective with effect from 1 January 2008 and the status is recognised across all EU member states.
The update includes information on:
- Changes to the AEO Self Assessment questionnaire for businesses applying for AEO from 1 January 2011.
- Progress towards mutual recognition with Japan, the USA and China.
- Confirmation of the benefits of AEO status when applying for a transit guarantee waiver or reduction of the guarantee amount.