Lithuania import VAT relief from 2013 |
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TMF Group reviews VAT improvements for importers into A proposal to allow companies to only declare import VAT on their local VAT returns without the need to make any cash payments has been passed in Currently, as in many European Member states, VAT is levied on the importation of most goods from outside the trading block. Generally, importers must make a cash payment before the goods can be released into free circulation. A number of countries provide special offset accounts for importers – e.g. the Netherlands VAT regime. However, this often requires a bank deposit of guarantee to be make. This initiative by the Lithuanian authorities is aimed at helping establish the country as an import hub for the Baltic region. It will come into effect from 2013. Click here if you would like to receive our free VAT news updates.
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