Trading Places?

VAT and Customs Treatment of Imports, Exports, Intra-EU Transactions, and Cross-border supplies of Services in the Digital Age (Second Edition)

Rimmer

• Publisher: Spiramus Press
• Year: 2016
• eBook ISBN: 9781910151334
• Edition: 0
• Topic: Business
• Subtopic: Taxation
• Index: Business

This book introduces the main concepts and trade facilitation reliefs that businesses must understand if they are to trade internationally with the least intervention and disruption from the Tax Authorities. The worst-case scenario is for an importer to have their goods still within Customs' control, instead of being where they are needed because the correct procedures have not been followed. Allied to this is the need for businesses to secure the release of their goods paying as little import duty and import VAT as possible. Whilst import VAT is recoverable by most businesses, it is still a major cash-flow cost, which has to be funded. Import duty is an absolute cost so importers must review all available means to reduce or remove the duty payable. The book highlights the means of importing goods and arriving at the Customs value on which import duty and import VAT are computed. It also provides commentary on export procedures and the VAT treatment of intra-EU trading, including potential fiscal barriers to exploiting non-UK markets. This second edition introduces the myriad rules concerning intangible services and the taxation of downloaded digitized products. Whilst the rules can be said to be easy to follow, as ever with VAT understanding the exact nature of the service, how it is provided, and where it is consumed are all fundamental problems to be grappled with. Chapters on potential pitfalls and planning for international trade provide the reader with an overview of 'Best-practice' when looking to import or export goods, or when setting out to supply services internationally. [Subject: Tax Law]

Table of contents

• Cover
• Contents
• 1 Introduction
• 2 Imports
• 3 Reliefs from import duty
• 4 Valuation – valuing the goods for customs ad valorem duty
• 5 Import duty and import VAT reliefs
• 6 Accounting for import duty and import VAT
• 7 Remission of import duty and import VAT
• 8 Exports
• 9 Intra-EU Transactions
• 10 Recovery of VAT “Cross-Border”
• 11 Intra-EU Transactions – Supplies of Services
• 12 Tax invoices, Reverse Charge and Reverse Charge EC Sales Lists
• 13 “Best Practice” and Planning
• Appendix A: Terms of Trade
• Appendix B: Useful addresses
• Glossary
• Index