VAT news tagged as "Deferment"

South Korea

South Korea import VAT deferment

January 25th, 2016

South Korea is to become the latest country to offer an import VAT deferment scheme to help mitigate cash flow management for importers. The proposal would enable the importer of record to delay payment of both import VAT and duties until the next VAT return. To qualify for the new scheme, which launches in July …


VAT & logistics import gateways into the EU

February 18th, 2015

Recent attention on goods importing, as has been seen in Belgium, will be of interest to those non-EU companies looking to forge channels into the EU. Belgium VAT‘s special ET 14000 scheme, where import VAT can be deferred onto VAT return filings, rather than by cash payment, no longer require companies to provide a pre-financing …


Spain introduces import VAT deferral

November 3rd, 2014

Spain is set to launch an important import VAT postponement regime which will offer importers major cash-flow incentives. It will join similar schemes in the UK and other EU member states.  However, the Dutch and Belgian Dutch deferment schemes remain the most attractive given their potential to avoid cash payments altogether. The new scheme should …


Swedish import VAT changes

July 19th, 2014

Importers into Sweden face a change in the administrative procedures from 1 January 2015. Import VAT deferment Instead of reporting import Swedish import VAT to the Customs office, they will instead file and pay directly to the tax office.  This will improve cash flows since if there are output VAT to be declared, the import …


Netherlands reduces VAT bank guarantees for importers

January 15th, 2014

The Netherlands has changed the methodology for the calculation of Dutch import VAT deferment bank guarantees, including setting maximum and minimum amounts. Dutch Article 23 VAT Deferment License Importers into the EU via the Netherlands may avoid the payment of Dutch import VAT at 21% through a highly attractive VAT deferment scheme. Known as an …


Hungary tax agents for VAT recovery and VAT warehouse requirements

December 28th, 2013

There have been a number of further changes to the Hungarian 2014 tax Bill. The new changes to the Hungarian VAT regime include: Foreign tax payers’ agents for VAT refunds In accordance with the EU VAT Directive, EU companies without a permanent establishment in Hungary may now use local tax agents to represent them for …


Romania offers wider VAT deferment scheme to importers

December 13th, 2013

Romania has extended its import VAT postponement scheme according a Ministry of Finance Order issued at the end of last month. Current Romanian import VAT postponement Currently, only the holders of specialised VAT deferment certificates are offered the opportunity to postpone the cash payment of import VAT.  Typically, these are the very largest taxpayers, who …