The EAEU new Customs Code will speed up the time of release of goods sixfold

The EAEU new Customs Code will speed up the time of release of goods sixfold

The EAEU new Customs Code will speed up the time of release of goods sixfold. The customs operations should not exceed four hours now, whereas earlier it could take more than one day. The new code is fully focused on electronic technology and is designed to optimize customs clearance. World practice shows that simplification of procedures allows saving up to 30% of entrepreneurs' expenses. However, all these innovations have yet to be fully appreciated by participants in foreign economic activity. Kyrgyzstan faced certain difficulties when adopting new rules.


 - It is hard to tell to what extent the IT system is ready. I think over the time we will understand how much we are lagging behind in terms of technical capabilities and information exchange, because the electronic file sizes are huge and heavy. The program fails to process them sometimes.

The new Customs Code is designed to eliminate some issues which hinder the rapid document circulation between entrepreneurs not only in Kyrgyzstan but across all the EAEU countries. For instance, the Code legally secures the possibility to perform transactions via the Internet for suppliers or recipients of goods in the presence of an electronic digital signature. The fiscal authorities are planning to receive all the necessary information for compiling reports the same way. The Code encourages businessmen to expand their sales markets.


 - If you are a manufacturer you have certain customs payment preferences. You can defer payments. The old Code provided such opportunity only to customs brokers, and the insurance rate was the same for everyone. Now the rate is reduced for manufacturers, and this is the right decision. They have main profits, they will not run away.

Experts say that the new customs code will start operating fully only when the whole system runs smoothly. For instance, one of the most distant Kyrgyzstan customs points Irkeshtam is located on the border with China.  There should be electronic data interchange that will let obtain necessary information about goods transported across the border.