Do I have to pay customs taxes?
Being charged customs taxes and duties all depend on what you are importing, so this will vary. However, generally goods which are coming from outside the European Union are subject to customs taxes and duty if they amount to greater than 22 euro.
How are VAT and duty calculated by Customs Authorities?
Depending on the goods that you are importing into the country, the most common and frequently used VAT is 23%, 13.5%, or 0%. This is calculated by taking the commercial value of the goods plus any shipping costs that have been incurred by the importer.
What is an EORI number and do I need to register for one?
EORI stands for Economic Operators Registration and Identification number, and it allows businesses to import and export products with countries that are outside the EU. So, if you are a trader who expects to import or export goods in or out of the EU, you will need an EORI number.
Why are Incoterms so important?
Incoterms have many advantages, but the main advantage is that they have standardised terminology used by all companies doing international business. Incoterms are important because they are a clear set of rules which will help prevent and avoid confusion about the responsibilities of everyone involved in the transaction as well as the cost management.
What changed with Incoterms 2020?
The new Incoterms 2020 changed to consider the growth of the economy, as well to increase attention to security of the transportation of goods, and insurance coverage flexibility. To learn more about what changed, we can answer any questions you have.
What is consolidation?
Consolidation, also known as freight consolidation, is a logistics strategy which we use here at Irish Shipping & Transport Ltd, is when we combine multiple shipments going to the same destination into a single shipment container.