Import and Export: VAT and Customs Duty

VAT & Customs Duty as it applies to the import and export of goods, with emphasis on the potential effects of Brexit 

Course Content;

Overview of the EU VAT framework
The EU, EFTA and EEA
The harmonisation of VAT in the EU
Output VAT
Input VAT recovery
'Grey areas' and HMRC relationship

The movement of goods into the EU from the rest of the world
Overview of customs procedures

The export of goods
Documentary evidence
Incoterms and indirect exports
Temporary export

Imports of goods
The customs declaration and customs duty

    Classification and valuation of goods

    Potential duty reliefs (IPR, OPR, RGR, OSR, PCC, CT)
Duty deferment
Import VAT

Goods in transit

The movement of goods remaining in the Customs Union
The 'Destination System'


The dispatch of goods within the Customs Union

Customer VAT registration and supplier due diligence

The VAT Information Exchange System

Invoicing requirements

Documentary evidence

Distance sales (where the customer is not VAT registered)

Triangulation, chain transactions and drop shipments

Call off stock

Goods supplied under a contract to assemble or install

Reporting requirements

    The EC Sales List


    The Temporary Movements Register

The acquisition of goods from within the Customs Union

Acquisitions VAT and the reverse charge mechanism

    Currency conversion
    Restrictions on recovery of input tax

Reporting obligations

Recap and Q&A