The Kazakh Senate has ratified an agreement aimed at reducing the financial and time costs of bona fide entrepreneurs during transit transportation within the Eurasian Economic Union (EAEU). The document envisages simplification of customs procedures for exporters and regulates relations concerning the payment of mandatory customs duties and other fees. As noted by the Senate members, the agreement will foster the development of the Guarantee Institution and a unified transit system, which will promote capacity building and enable national carriers to apply modern best practices.
“The agreement provides for simplification of customs procedures for declarants who have experience with general security. Such declarants can provide security for goods transported under multiple transit declarations for 20 percent less than the amount of customs duties and taxes payable for such goods. National guarantors can apply simplifications ranging from 10 to 100 percent of the amount of the financial guarantee, subject to certain conditions,” said Sultanbek Makezhanov, Member of the Senate, the Upper House of the Kazakh Parliament.
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