A new round of applications for the European Union's (EU's) Tariff Suspension and Quota Scheme opened on 1 July 2024, and companies that operate in the EU have until 31 July 2024 to apply.

The scheme is designed to address shortages in the availability of essential materials within the EU. It enables manufacturers in the industrial, agricultural and related sectors to import raw materials, components or intermediate products from outside the EU free from tariff duty if the item cannot be sourced within the EU or Turkiye.

Companies applying for tariff suspensions must be able to demonstrate that each item for which duty suspension is sought:

• Is intended for further processing by the companies
• Is not available within the EU (including identical, equivalent or substitute products)
• Generates duty savings of at least €15,000 per annum (if an applicant company cannot reach this minimum limit on its own, it is possible to group with one or more other companies to do so)

When applying, companies need to be able to provide information about the material for which they are seeking suspension or quota, including key product descriptors (e.g., Combined Nomenclature (CN) code, product description, Chemical Abstract Service (CAS) number as applicable, etc.), intended use of the imported materials and evidence that EU-based firms have been approached to find a supply of identical, equivalent or substitute products.

The deadline for applications is Wednesday, 31 July 2024. The suspension duties on these applications, if successful, will come into effect from 1 July 2025. This application window is the second and final one of 2024.