There are new postponed import VAT accounting measures which allow the organisation to defer paying the import VAT to its VAT return, at which point it will most likely also be able to reclaim the VAT in full, meaning a cash neutral entry on the VAT return. In some of the other 17 Member States, such as the Czech Republic, Denmark, Luxembourg and the Netherlands, accounting for import VAT under postponed accounting … However, … For postponed import VAT accounting to apply, a business must be established in the Netherlands or registered through a limited or general fiscal representative. Dutch postponed accounting system for import-VAT This disadvantage can easily be avoided by applying for the Dutch postponed accounting system, the so-called article 23 permit. So, If you are using the postponed VAT accounting for goods greater the £135 (not Northern Ireland) then you use T18 in Sage as your VAT code which is Import of Goods Postponed VAT. Postponed accounting via the VAT return allows for import VAT due to be accounted for and paid in the taxpayer’s periodic VAT return. As from July 1, 2020, Poland has simplified the postponed accounting relating to import VAT. Then, you probably know that postponed accounting via the VAT return is not possible in Germany. Imports must be done on a regular basis and the applicant must keep records of all imported goods. The UK has introduced a postponed VAT accounting import VAT deferral scheme, so importers don’t need to pay cash to UK customs. In 11 Member States, importers of goods cannot pay import VAT under postponed accounting. If import VAT is deductible, it’s recovered on the same return. In principle, import VAT needs to be paid to the customs authorities upon importation (immediate payment is required). VAT-registered companies that import into the UK can gain cash flow relief by using postponed VAT accounting. From 1 January 2021 postponed VAT accounting will be available for UK VAT registered businesses on all imports of goods from EU and non-EU countries. Import VAT is due, even if customs duties are not payable. VAT Deferment in the Netherlands In order to facilitate trade and bring down the administrative and financial burden for Dutch companies the Dutch government made it possible for Dutch companies to make use of the so called ‘postponed accounting’ or VAT deferment. This measure applies to goods imported from all countries, both EU and non-EU. Postponed VAT accounting. Until the end of June 2020, in order to settle import VAT via the Polish VAT return without physical payment of the output VAT to the customs authorities, it was necessary to hold an AEO Certificate or clear the goods based on the customs simplification procedures as foreseen in the Art. In light of the exceptional circumstances of the deal being made just before the end of the Brexit transition period, the deal applies on a provisional basis until 28 February 2021. 28/04/2021. Under this system, VAT does not have to be paid at the moment What is Postponed VAT accounting and should I use it? As a reminder – Import VAT applies to commercial goods brought into the UK with a value of more than £135. If you are NOT using Postponed VAT then it is T19 which is Import of Goods VAT not postponed. UK VAT registered businesses will be able to use the postponed import VAT accounting. the import VAT on goods imported into the UK on their VAT returns, and both pay and recover import VAT on the same VAT return. Postponed accounting vs deferred payment for VAT. There are so many layers to this. In the Netherlands, Article 23 of the VAT Law grants the ability to postpone import VAT to the VAT return. The Dutch tax authorities normally will grant the permit, if goods … To use Postponed Accounting a company must be registered for Customs & Excise in Ireland and specific codes must be inserted on the customs declarations. Basically, in these cases the importer has two choices: use Postponed VAT Accounting (PVA) and include the import VAT that you need to pay on your VAT return; or; Pay the VAT at the border. Postponed Import VAT Accounting (PIVA) is a mechanism, recently introduced by UK authorities, that enables you to account for import VAT on your VAT return rather than paying it at the border. The VAT Return of Trading Details (RTD) has also been amended to include additional fields/boxes: PA2, PA3 & PA4 to capture the value of goods imported under Postponed Accounting. Your company imports goods in Germany ?
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