Import VAT
When foreign businesses import goods into the EU or other jurisdictions, there is a legal requirement to pay local import VAT and customs duties on most goods.
As a result, importation of goods into a foreign country can create a number of tax issues:
- How to recover the VAT incurred and not turn it into a bottom line cost
- How to minimise customs and excise duty costs
- How to achieve cost minimisation priorities in a way that does not slow down or interfere with the smooth transit of goods through customs borders
Essentia can assist with this in a number of ways:
- Identifying optimal importation regimes
- Reviewing tariff classifications
- Implementing inward processing relief (IPR) and outward processing relief (OPR) schemes
- Applying VAT deferment schemes on your behalf
- VAT registration and compliance where necessary
- Fiscal representation