Goods bought from other countries within the EU are called “acquisitions” or “arrivals”, as “import” refers specifically to goods purchased from outside of the EU. Customs Value (goods and shipping) = €5000.Customs Value (goods and shipping) = £5000.Here are some examples if the customs duty for the type of product you are importing is 10%. In both countries, you will also have to pay a customs duty if the imported goods are worth over £135, or €150 respectively. You will pay this rate on any imported goods over €22, any gifts worth over €45, and all tobacco, alcohol, or fragrance products of any value. In Ireland, the normal VAT rate is currently 23%. In the UK, import VAT is charged at the normal rate (currently 20%) for any gifts over £39, any other goods over £15, and all tobacco, alcohol, or fragrances of any worth. How does import VAT work?Īnything imported into the EU from a non-EU country will go through customs checks to ensure they are not restricted goods, and that you pay the correct amount of tax and duty on the goods. You may have to pay a customs duty along with the import VAT if the imported goods exceed a certain amount. Import VAT is a tax charged on goods purchased from outside the European Union. In this article, I will explain how this works for both UK and Irish businesses, and if you are able to reclaim some of the VAT. If your business receives imported goods from outside of the EU, it can be complicated to figure out how and where you can record import VAT on your invoicing software and accounting reports.
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