Import VAT (value-added tax) is a tax paid on goods bought within the European Union, similar to customs duty for other countries. The amount owing depends on registration status and the countries involved in the transaction(s). These amounts can be claimed on your business’s tax forms and, also depending on the nation, several years of import VAT refund claims can be made. There are several rules surrounding the process, and if your business makes numerous purchases from multiple sources, things can become a bit complicated. However, there are ways to streamline the process by partnering with an importer that is a single point of contact for your shipping and refunding needs.
An Importer of Record (IOR) is an entity that shoulders the risks and responsibilities of shipping across borders. They take care of filing all permits, licenses, other documentation, and paying fees, following the strict guidelines needed to achieve full customs compliance. For those shipping technology and medical equipment, there are tight regulations placed on these sensitive materials and dual-use goods. Shipping materials of this sort is complex and there are often hold-ups at the border. An experienced IOR knows the proper procedures and steps to take to ensure timely delivery.
Combining importing services with tax refund services is what TecEx, a global Importer of Record, specializes in. Your business can easily ship technology or medical equipment and supplies to over 180 countries smoothly, plus get an import VAT refund and recover other indirect taxes incurred. TecEx understands the complex claiming process for each nation, following their VAT rules, which are subject to change. Penalties can be charged when claims aren’t properly handled. Because their IOR services are combined with those of VAT IT, a well-established tax recovery company with 14 years of industry experience, TecEx benefits from established relationships with VAT authorities and ensures everything is handled efficiently and accurately.
Your business can focus on its primary products and services while relying on an Importer of Record with relationships along the entire supply chain, as well as one that works with industry leaders in the technology sphere. With the far reach and capabilities of an IOR, new partnerships can be made that were never possible before. The risks associated with shipping IT equipment globally is passed onto them, and it’s easy to track shipments using their online portal.
TecEx specializes in importing and tax recovery for networking companies shipping equipment to data centres abroad, those manufacturing and distributing IT equipment and medical equipment, and businesses working in the network security, cloud computing, value-added reselling spaces. They provide full tax recovery for companies incurring indirect taxes in foreign nations, like import VAT, customs taxes, co-location taxes, business-related travel and expenses in a refund country, and taxes from buying equipment from a local supplier.
Import VAT should not be a factor that limits your access to and growth in foreign markets. Ensure your international business is reducing costs and increasing lead times and efficiency by partnering with an Importer of Record and tax recovery specialists with a massive reach worldwide.