Value Added Tax (VAT) is applied to nearly all goods and services imported and sold for use in the EU. EU import VAT rates vary depending on the country of import.
Category Archives: Customs Duties
Customs Binding Tariff and Duty Increase
Customs Binding Tariff Information or Tariff Rulings can have a substantial impact on duty rates. This is why it is important to monitor tariff decisions. This week we have an excellent example from the USA to illustrate how Customs decisions can dramatically affect the duty rate.
Customs Duty Reductions Per Business Department
A wide variety of tools are available on a global basis to save customs duties and reduce transaction costs. They can even be combined for increased effectiveness.
Here are some ideas for your various business departments.
Switzerland removes customs duties on industrial products
The Swiss parliament has approved a proposal for the abolition of customs duties on industrial products and the simplification of the structure of the customs tariff possibly on January 1, 2022. This measure, which will facilitate the importation of industrial products, will allow Swiss companies to have access to cheaper intermediate goods and to reduce theirContinue reading “Switzerland removes customs duties on industrial products”
UK Import duty suspensions until 31st December 2021
Duty suspensions are the easier way to benefit from reduced or nil import duties. These are unilateral duty reductions introduced by countries on a temporary basis. The UK has introduced a significant number of duty suspensions available until 31st December 2021.
UK Tariff Suspensions
The UK has published the list of the Tariff Suspensions that will apply from January 1st. Tariff Suspensions are an exception to a country standard import duty rates. Validity The measure has a period of validity during which the reduction of duty is applicable. The validity period could also be extended. Quantity Suspensions can be forContinue reading “UK Tariff Suspensions”