- Import industry pushing for changes in import VAT procedures
- Fristenmodell introduced in December 2020 for easier payment of import VAT
- Current procedure does not allow for offsetting of import VAT against input VAT
- Calls for immediate offsetting of import VAT like in other EU countries
- Finance ministers conference reportedly agreed to advance offsetting model
- Hope for offsetting import VAT in VAT return to be cost-neutral
- Potential for significant bureaucratic reduction and competitive advantage for German ports
- Reform in VAT procedures can benefit traditional economy as well as digital age industries
Source: blog.esche.de
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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