BREXIT NEWS: UK Brexit postponed accounting law for import VAT

5 February 2019

The UK government has issued draft legislation relating to the implementation of postponed import VAT accounting in the event of a no-deal Brexit, please click here to view this legislation in full.

As per our original article back in September 2018, postponed import VAT accounting will allow all UK VAT registered businesses to avoid having to pay VAT on the clearance of their goods into the UK. Instead, the import VAT amounts will be postponed to the VAT returns and will be entered in the same way as a reverse charge transaction.

It is hoped that this will result in savings on shipping costs and bank charges for the companies who import goods on a regular basis, as well as improve their cash flow as they will no longer have to wait for import VAT to be refunded by the UK tax authorities (HMRC).

LATEST NEWS

Mauritius to implement VAT on foreign digital services

Mauritius is set to extend its VAT regime to apply to the sales of electronic services supplied by non-resident (foreign) companies to consumers in the...

SEE MORE
LATEST NEWS

Thailand to extend VAT to digital services

Thailand is set to extend its VAT regime to apply to the sales of electronic services supplied by non-resident (foreign) companies to consumers in the...

SEE MORE
LATEST NEWS

Indonesia postpones VAT on foreign e-commerce to 1...

The Indonesian tax authorities have postponed the introduction of VAT at 10% on all e-commerce goods and service transactions made by non-resident companies to...

SEE MORE

Gated Content

The following email providers are not accepted: gmail, hotmail, yahoo. Please use proper company email.