Vladimir Putin signs Customs Code

Russian President Vladimir Putin has signed the Russian Customs Code, the Kremlin press service has reported.

The Code was approved by the State Duma /the parliament's lower chamber/ on April 25th and by the Federation Council on May 14th 2003.

The need to pass a new Customs Code appeared due to the problems in development of Russia's economy and foreign trade as well as the customs legislation's lagging behind from the renovated Russian legislation in general and the international legal basis regulating the customs business.

The norms, provisions and terms used in the code are brought in compliance with the current legislative acts of the Russian Federation. In comparison with the 1993 Russian Customs Code the new code better protects the rights and legal interests of foreign trade participants.

The code also significantly increases the norms of direct activity.

The main Customs Code provisions are brought in compliance with the World Trade Organisation's generally recognised norms and rules.

The Russian Customs Code envisages increased efficiency of the customs authorities by simplifying customs formalities and procedures, introduction of tougher requirements regarding documents to spare time and money for customs declaration.

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Author`s name Editorial Team