PROCESSING:
http://www.revenue.ie/services/customs/customs_ep.htm
PROCESSING UNDER CUSTOMS CONTROL:
Import of non-community goods without payment of import duties and without including the goods in trade policy measures in order to subject these goods in process changing their nature. Processed goods resulting from the manufacture can be entered in free circulation after payment of proper import duties.
Example:
Product A valued CP1000 is imported in the Community to be used in the manufacture of product B. Duty rate for product A is 10%. If product B was imported from third country, duty would be 2%. Processing comes a an option to the importer and therefore duty for product B will be paid.
CP1000 x 10%= CP100 if product A is imported
CP1000 + CP500 (Manufacturing Cost) X 2%= CP30 if product B is taxed