Trading Places? VAT and Customs Treatment of Imports, Exports, Intra-EU Transactions, and Cross-border supplies of Services in the Digital Age 2nd Edition

Author: Andrew Rimmer
Publisher: Spiramus Press Ltd
ISBN: 9781910151327

Previous Edition ISBN: 9781907444005
Published In: May 2016
Format: Paperback
Jurisdiction: U.K. ? Disclaimer:
Countri(es) stated herein are used as reference only

AU$199.20

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Contents

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Trading Places? VAT and Customs Treatment of Imports, Exports, Intra-EU Transactions, and Cross -border Supplies of Services in the Digital Age 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 utilise all available reliefs to minimise the amount of duty and import VAT payable - whilst import VAT is recoverable by most businesses it is still a major cash-flow cost, which has to be funded, whereas customs duty is an absolute cost. 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 digitised 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.

It also covers the Union Customs Code, which came into effect on 1 May 2016.

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.

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