VAT news tagged as "Import VAT"

United Kingdom

HMRC probes VAT import fraud

August 30th, 2018

The UK’s HMRC has launched a review into non-VAT registered importers of goods into the UK. It is looking to survey the numbers of businesses bringing goods into the country without a UK VAT registration to help understand if it can reduce the estimated £1.5billion in VAT fraud. Whilst it is not obligatory to have a …


Portugal

Portugal import VAT reverse charge Mar 2018

March 6th, 2018

Portugal has extended the import VAT reverse charge relief to all goods from 1 March 2018. Similar postponed import VAT accounting relief are popular across the EU. The regime was introduced for a restricted list of goods, including cereals, wools and olive oil, on 1 September 2017. It enables approved companies to postpone the cash …


Norway

Norway 2017 VAT changes

December 23rd, 2016

A number of VAT changes are to be introduced from 1 January 2017 in Norway. These include: Importers will be able to defer payment of import VAT by reporting the input and output VAT simultaneously in the following VAT return A new VAT return is to be introduced with a range of extra disclosures


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 …


Mexico

Mexico improves exporters’ VAT scheme

July 28th, 2014

For business with foreign imports, but mostly only export sales – and therefore a regular excess in import VAT – the Mexican VAT regime to help accelerate VAT refunds has been improved further. Mexican IMMEX VAT refunds Where an importer (for later export) brings supply chain goods into the country, it must pay 16% Mexican …