NEWS

France Announces New VAT Requirements For Importers

The French budget ministry has recently unveiled details of new value-added tax (VAT) requirements for importers, intended to more efficiently combat fraud.

French Budget Minister Valérie Pécresse recently published a circular pertaining to the customs regime granting VAT exemption on certain imports (le régime douanier 42).

The ministry notes in its release that the text introduces new requirements that the importer must comply with at the time of importation in order to benefit from the exemption provisions.

In future, to benefit from import VAT exemption on goods under customs procedure 42, importers must produce the following information at the time of importation:

• The VAT identification number assigned to the importer in the member state of importation;
• The VAT identification number assigned in another member state to the customer, to whom the goods are to be delivered;
• Evidence demonstrating that the imported goods are to be transported or expedited to another member state (for example a transport document or commercial correspondence citing the destination in another member state).

The French budget ministry concludes its release by explaining that customs regime 42 serves as a simplified, less costly alternative to the NSTI (New Computerised Transit System) customs transit system for the intra-community movement of goods with the suspension of duties and taxes. The ministry underscores that procedure 42 constitutes a significant aid to the international competitiveness of French businesses.

Quelle: Tax-News.com

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