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Old 10-05-2021, 12:02   #31
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pirate Re: Portugal: Temporary Import/VAT and COVID

I should add..
Any VAT paid can be reclaimed if you are a non EU citizen and are departing EU waters.
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Old 10-05-2021, 12:36   #32
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Re: Portugal: Temporary Import/VAT and COVID

Quote:
Originally Posted by Greg K View Post
And my point is that all this mumble jumble you cut and paste has little value absent the experience or expertise of actually knowing how these regulatory mandates actually apply in real life situations.

Had I taken your comments regarding the calculation of VAT seriously when you last made them on this board, I would not now have a windvane for fear of the excessive cost of importation.

There's more to real knowledge than google and paste.
There is knowledge based on having to arrange for decades of international transport of goods, imports and exports of all types, metals, ores, electrical power generation, consumer products and to negotiate the INCOTERMs and pricings derived by such INCOTERMs.

If you don't know what one's obligations are as to INCOTERMs then one has no business in dealing with trade. Your one time anecdotal purchase of an inexpensive windvane does not accurately assess the valuations and costs involved, nor of the specific laws of the EU or of the UK.

The landed value including the many supplements is what custom's duty and VAT are based on. And when such duties and privilege taxations are significant then the entirety of the profitability of a transaction hinge on them, by way of example, the 25% custom's duty for importing a boat of USA origin, the 23% VAT on the landed value + the 25% customs duty. The tariff and the VAT would add 53+% to the import cost of a USA boat and its accoutrements to the EU. Not chump change. Not many USA sourced new or used boats headed to the European marketplace to sale and I suspect many that that are under temporary admission status will be returned to the USA instead of sold in the EU after an American has completed their tourist sojourns in the EU.

[Further reason to enjoy the no Sales or Use taxation on goods or services in Montana, things cost a lot less when there is no Federal or State transaction taxations]

We have sophisticated software applications with up to date rates used by our purchasing and our sales personnel so as to provide quotations and negotiate purchase orders. If one gets one step wrong in the INCOTERMs the entire deal can be a fiasco. One has to know the Harmonized System Code for each of the goods and services to discern the costs that will be incurred.

And insurance coverage and costs is very much specific to the INCOTERMs one negotiates both with the insurance company but also with each vendor / customer.
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