If you wish to import goods or services from EU States or countries then you should first have the eu countries list that follow the system of vat or value added tax. This will help you to remain within the same taxation system, go for vat refunds plus benefit you if you are planning to re-export something back to those EU countries.
In case your trading company is located in the UK then it is extremely important to know about fellow EU countries which follow vat simply because this will continue uniformity in taxation and simplify your paperwork when you import items from such countries vat registration number. You’ll of course have to pay customs duties, excise duties or import vat on your goods or services based on their classification as deemed by the UK revenue and customs department or hmrc vat department.
If you have already paid vat in most of the eu countries which are mentioned in the list then you can go for vat reclaim once you sell the goods in the local market at prevailing vat rates. However, before you begin selling your goods and charging vat on the same you will have to become a vat registered trader. The hmrc vat department offers several vat online services and you could simply download the right vat form to complete the vat registration process, even though you will have to submit documentary proof too. As soon as you get the unique vat no then you can issue a vat invoice against each sale and charge the related vat rate to the clients in the local market.
The hmrc website features the eu countries list that follows the system of vat. These countries are Austria, Belgium, Bulgaria, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovak Republic, Slovenia, Spain, and Sweden. However, there are some specific territories within some countries that don’t follow vat. Each EU country is assigned a particular code and follows a particular vat number format. Vat invoices may also be prepared in each country in its own language. For instance, Poland issues a faktura vat, which is their version of a vat invoice.
If you wish to reclaim vat paid in a foreign country then the simplest way forward should be to hire a vat agent that is a professional in uk vat as well as eu vat rules. This will likely allow you to file your vat returns correctly and within the stipulated time frame while also doing exactly the same when claiming vat refunds in the country of origin reference. It is also important to study various classifications in customs, excise and vat duties as well as learn more about vat exempt items so that your product cost is reduced in a legal manner. While duty rates could be different in these eu countries, the fact each of them follow vat will certainly reduce paperwork and assist you with your cost calculations.
Most eu countries follow vat and this also factor should certainly be noted if you plan to import services or goods into the UK or perhaps any other vat friendly EU country. The eu countries list already mentioned should help you to identify countries that follow vat and allow you to import products while avoiding the problem of double taxation by allowing you to reclaim vat back.
