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Sweetcorn and Levi Jeans – the link is…???

An announcement on the revenue website indicates that the Jolly Green Giant and Levi jeans are both being caught up in a trade ‘war’ between the EU and the U$A… this is as a result of what was known as the ‘Byrd Amendment’ [http://en.wikipedia.org/wiki/Byrd_Amendment].  The EU is concerned that although this amendment is no longer in existence the U$A still provides illegal subsidies under a World Trade Agreement made in 2004 following international protests.

As a result the decision has been taken to increase import duties on a range of goods where it is believed illegal subsidies still apply, the rate of 6% will be increased to 26% on a number of items including sweetcorn, denim, crane lorries (but not breakdown trucks, and last, but maybe not least, frames and mountings for spectacles and the like, made of base metals.  Be warned, from 1 May 2013 that attractive pair of Ray Ban Aviator sunglasses could be a lot more costly – you could mitigate the liability, of course, by switching to Wayfarers…

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One response to “Sweetcorn and Levi Jeans – the link is…???

  1. Pingback: Sweetcorn and Levi Jeans – the link is…??? | taxationpodcasts

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