Guarantees and Bonds insurances for a tariff contingency
Facilitates importation without customs duties through specific guarantees
Guarantees for tariff contingents allow the export of products with a 0% tariff, facilitating access to international markets.
The guarantees or bond insurances for tariff contingencies are an exceptional measure that grants privileges to certain products, allowing their export to a specific area at no customs cost, that is, with a tariff of 0%. This measure has a determined duration and applies to a limited volume of the product.
The Delegated Regulation (EU) 2020/760 of the Commission, dated December 17, 2019, and the Implementing Regulation (EU) 2020/761, also of the Commission, list the products that will benefit from the tariff quota for the year 2021, as well as the requirements that companies must meet to apply for this allocation. Among the beneficiary products are: olive oil from Tunisia, soft wheat from the U.S., fresh garlic from Argentina, beef from Canada, and mushrooms imported from China.
Companies interested in importing within the European Union while enjoying the tariff quota must meet certain requirements and submit their application. Since the benefit is granted only to a limited quantity of the product, it is necessary to go through an allocation process. One of the requirements for operators is the possession of a guarantee of the import certificate, for which a specific surety bond or insurance is required.
Highlights
Guarantees: The requested amount cannot exceed the total amount available for the contingent period or sub-period. The guarantee can be established in the following ways.
Cash deposit or in public or private securities in the Caja General de Depósito de las Delegaciones Provinciales de la Consejería de Economía y Hacienda, under the regulations established.
Loan granted by banks, savings banks, credit cooperatives, financial credit establishments, and authorized mutual guarantee companies operating in Spain, submitted to the competent authority.
Bond insurance contract entered into with an insurance entity authorized to operate in the surety branch, submitted to the competent authority.
The amount of the guarantees must be updated at the beginning of each fiscal year by applying the Índice de Precios Industriales (Industrial Price Index) published by the Instituto Nacional de Estadística (National Statistical Institute)..
Guarantees and Bonds insurances for a tariff contingency
How can we help you?
Contact your specialists for Guarantees and Bonds insurances for a tariff contingency
Frequently asked questions
What does this aid finance?
The objective of this support line is to finance the following types of actions:
Creation of industrial establishments, starting a new production activity in any part of the national territory.
Relocation of industrial establishments that previously operated in another location.
Improvements and/or modifications of production lines, focused on the acquisition of equipment that allows the modernization of already existing production lines or the implementation of new production lines. •
Implementation of technologies of the Connected Industry 4.0, including hybridization solutions of the physical and digital worlds (virtual reality, 3D printing, robotics) and the physical network infrastructure for the digital connectivity of production processes, advancing towards the concept of the Internet of Things.
Documentation to be Provided
To request a bond insurance for tariff contingencies, the following documentation is required:
Completed questionnaire.
Deeds of incorporation or adaptation of statutes.
Official accounts for the last two fiscal years.
Accounting advance for the current year.
Model 303.
Model 347 from the last fiscal year or list of main clients. •
Certificates of being up to date with payments to Seguridad Social and Agencia Tributaria.
Copy of the Civil Liability and Convention Accidents insurance policy and the last receipt.
Copy of the credit insurance (coverage for unpaid debts).
When Should It Be Submitted?
Requests for import and export certificates must be submitted within the first seven calendar days of the month preceding the start of the contingent period and within the first seven calendar days of each month throughout the contingent period, except in December, when no applications are submitted. Applications for certificates valid from January 1, 2021, must be submitted between 11/23/2020 and 11/30/2020. Before the deadline for these applications expires, the applicant must establish the import guarantee. Operators may submit one admissible application per month and per tariff quota, except in November, when they may submit two applications: one for certificates valid from December and another for certificates valid from January.
How to take out a Guarantee and Bond Insurance for a Tariff Contingency?
To take out our guarantees, you can fill out the online form and our advisors will contact you to discuss the best option. You can also contact us at 902014055. If you are already a client of Avalesnet, you can request your guarantee online through the Avalesnet tool. The guarantee must remain valid throughout the entire period of granting the tariff contingency.
Applicable Legislation
Nomenclature of European Union products.