At The Tool Hub we have many years of experience in imports and exports and our logistics experts are always available to guide you through the process.
We can provide you with costs including imports, or if you wish we can take care of the whole process.
One thing to consider when importing tools from China in to Europe is the import duty.
It is actually not as bad as some people say, and the duty rate is set to 1,7% of the purchase value.
The main method of calculating import purchase value is Method 1
Method 1 is the ‘transaction value’ method.
This is based on the price paid or payable by a buyer to a seller for the imported goods when sold for export to the EU.
You’ll need to provide evidence of the price paid with your import entry, eg a copy of the seller’s invoice.
What to include in your Method 1 calculation
If they’re not already included in the seller’s price, you must add these relevant costs:
- Cost of the tool
- Delivery to the EU border
- Containers and packing
The commodity code for plastic injection tools is: 8480 71
For more information please visit the links attached:
Legal document (see page 557)
Paying VAT on imports from non-EU countries
You’ll have to pay VAT directly to your local tax authority at local rates (HMRC in the UK) rates on goods imported from outside the EU when they’re first brought into the EU.
To work out the value of the goods you’ve imported so you know how much VAT to pay, you can use the Method 1 calculation (see above)
If the goods are for you to make taxable supplies or use in your business, you can reclaim the VAT paid on your VAT Return.
If you will sell the goods on to a customer you simply add the VAT on to your sales price as normal.
Please contact us if you have any problems or questions.