What the new EU VAT package means for your import shipping
With effect from 1 July 2021, the new EU VAT package will come into force, which will abolish the previously applicable exemption limit of €22.00 for import shipping from non-EU countries.
This new regulation was triggered by increased abusive interpretations of this regulation, which led to an imbalance in the competitive conditions between EU and non-EU traders. For e-commerce in particular, this new regulation has major implications, but what does this mean for the B2B market?
Even though in the B2B sector these “low-value imports” below an amount of 22.00€ may be of rather little significance, this of course also applies to the industrial sector, because regardless of whether the recipient is a private person or a commercial enterprise, the following applies from the middle of this week: every import shipment is subject to the respective import VAT, regardless of the value of the goods.
This applies to transport solutions for shipments from non-EU countries, such as small parts and spare parts shipments or urgent individual shipments.
Whether and to what extent import duties are incurred depends on the value of the goods and the type of consignment; the value limits remain valid regardless of whether the consignment was transported under the Universal Postal Convention or by an express or courier service provider.
As a multi-carrier service, we have compiled the following additional information for you:
Expert article from CEP-Research
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Your LetMeShip Team