Import VAT is paid:

1at the time of importation (CEMA 1979, s. 43) or under the period entry system;

2under VAT and duty deferment arrangements; or

3on release of the goods from a duty-suspension scheme.

Payment can be made directly by the importer using cash, cheque, or banker’s draft, etc. where there are no deferment arrangements. Deferred amounts must be paid by direct debit.

The following can be deferred under the same deferment approval:

1import VAT;

2customs duties;

3excise duties (including tobacco products duty);

4CAP levies;

5CAP compensatory amounts;

6anti-dumping and countervailing duties;

Want to read more?

This content requires a Croner-i Tax and Accounting subscription.

Existing subscriber? Log in

No subscription?

Contact us to discuss your requirements.