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Low-value Consignment Relief
When goods are imported into a European Union country from a non-EU territory, those goods may be subject to customs duty, excise duty and value-added tax A value-added tax (VAT), known in some countries as a goods and services tax (GST), is a type of tax that is assessed incrementally. It is levied on the price of a product or service at each stage of production, distribution, or sale to the en .... Value-added tax is an EU tax adopted by the member states of the European Union. However, an optional exception is allowed on low value shipments to member states in the form of an EU administrative VAT relief, known as Low Value Consignment Relief or LVCR. It is governed by the EU Council Directive 2009/132/EC. LVCR is an optional form of VAT relief designed to speed up the transit of low value goods through the mail which might otherwise be delayed by customs and also to reduce the cost of tax collection where it might not be practicable. Member states, if they decide to allow ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
European Union
The European Union (EU) is a supranational political and economic union of member states that are located primarily in Europe. The union has a total area of and an estimated total population of about 447million. The EU has often been described as a '' sui generis'' political entity (without precedent or comparison) combining the characteristics of both a federation and a confederation. Containing 5.8per cent of the world population in 2020, the EU generated a nominal gross domestic product (GDP) of around trillion in 2021, constituting approximately 18per cent of global nominal GDP. Additionally, all EU states but Bulgaria have a very high Human Development Index according to the United Nations Development Programme. Its cornerstone, the Customs Union, paved the way to establishing an internal single market based on standardised legal framework and legislation that applies in all member states in those matters, and only those matters, where the states have agreed to act ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Customs Duty
A tariff is a tax imposed by the government of a country or by a supranational union on imports or exports of goods. Besides being a source of revenue for the government, import duties can also be a form of regulation of foreign trade and policy that taxes foreign products to encourage or safeguard domestic industry. ''Protective tariffs'' are among the most widely used instruments of protectionism, along with import quotas and export quotas and other non-tariff barriers to trade. Tariffs can be fixed (a constant sum per unit of imported goods or a percentage of the price) or variable (the amount varies according to the price). Taxing imports means people are less likely to buy them as they become more expensive. The intention is that they buy local products instead, boosting their country's economy. Tariffs therefore provide an incentive to develop production and replace imports with domestic products. Tariffs are meant to reduce pressure from foreign competition and reduce the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Excise Duty
file:Lincoln Beer Stamp 1871.JPG, upright=1.2, 1871 U.S. Revenue stamp for 1/6 barrel of beer. Brewers would receive the stamp sheets, cut them into individual stamps, cancel them, and paste them over the Bunghole, bung of the beer barrel so when the barrel was tapped it would destroy the stamp. An excise, or excise tax, is any duty (economics), duty on manufactured goods (economics), goods that is levied at the moment of manufacture rather than at sale. Excises are often associated with customs duties, which are levied on pre-existing goods when they cross a designated border in a specific direction; customs are levied on goods that become taxable items at the ''border'', while excise is levied on goods that came into existence ''inland''. An excise is considered an indirect tax, meaning that the producer or seller who pays the levy to the government is expected to try to recover their loss by raising the price paid by the eventual buyer of the goods. Excises are typically imp ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Value-added Tax
A value-added tax (VAT), known in some countries as a goods and services tax (GST), is a type of tax that is assessed incrementally. It is levied on the price of a product or service at each stage of production, distribution, or sale to the end consumer. If the ultimate consumer is a business that collects and pays to the government VAT on its products or services, it can reclaim the tax paid. It is similar to, and is often compared with, a sales tax. VAT is an indirect tax because the person who ultimately bears the burden of the tax is not necessarily the same person as the one who pays the tax to the tax authorities. Not all localities require VAT to be charged, and exports are often exempt. VAT is usually implemented as a destination-based tax, where the tax rate is based on the location of the consumer and applied to the sales price. The terms VAT, GST, and the more general consumption tax are sometimes used interchangeably. VAT raises about a fifth of total tax revenues bo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Brexit Transition Period
The Brexit withdrawal agreement, officially titled Agreement on the withdrawal of the United Kingdom of Great Britain and Northern Ireland from the European Union and the European Atomic Energy Community, is a treaty between the European Union (EU), Euratom, and the United Kingdom (UK), signed on 24 January 2020, setting the terms of the withdrawal of the UK from the EU and Euratom. The text of the treaty was published on 17 October 2019, and is a renegotiated version of an agreement published half a year earlier. The earlier version of the withdrawal agreement was rejected by the House of Commons on three occasions, leading to the resignation of Theresa May as Prime Minister and the appointment of Boris Johnson as the new prime minister on 24 July 2019. The Parliament of the United Kingdom gave its approval to the agreement on 23 January 2020 and the UK government deposited Britain's instrument of ratification on 29 January 2020. The agreement was ratified by the Council of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
VAT-free Imports From The Channel Islands
VAT-free imports from the Channel Islands were imports into the United Kingdom from the neighbouring Channel Islands that were exempt from value added tax (VAT), a European Union purchase tax. The exemption was a result of low-value consignment relief (LVCR), a tax relief that applies to low-valued imports into the EU. The UK was a member of the EU from 1973 until Brexit in 2020, but the Channel Islands never became a part of the EU and they did not charge VAT on purchases. Once the UK government had applied LVCR to imports from the Channel Islands, distribution centres were set up and many low-valued goods were exported. The practice was unilaterally brought to an end by HM Treasury in April 2012. Background Low-value consignment relief When goods are imported into the EU from a non-EU territory, they are generally subject to VAT. (The VAT rate in the UK for most goods has been 20% since 2011). However, as a result of EU Council Directive 2009/132/EC, an optional exception is ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Condor Ferries
Condor Ferries is an operator of passenger and freight ferry services between The United Kingdom, Bailiwick of Guernsey, Bailiwick of Jersey and France. Corporate history Condor Ferries established the first high-speed car ferry service to the Channel Islands from Weymouth in 1993 using the 74m Incat catamaran ''Condor 10''. In the winter of 1993/1994, Condor's parent company, Commodore Shipping, took over British Channel Island Ferries (BCIF) which operated conventional ferry services to the Channel Islands from Poole. Upon taking over BCIF, Condor moved all passenger services to Weymouth and the BCIF freight service was transferred to Commodore Shipping. The BCIF vessel ''Havelet'' ran a conventional ferry service from Weymouth from 1994 alongside the ''Condor 10''. New UK bases, purchase of the ''Havelet'' and ''Condor Vitesse'' In March 1997, Condor moved its UK port to Poole. The ''Condor Express'' suffered technical problems that led to late-running services. As ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Lift-on/lift-off
Lift-on/lift-off or LoLo ships are cargo ships with on-board cranes to load and unload cargo. While the common abbreviation of ''lift-on/lift-off'' is ''LoLo'', it is sometimes abbreviated as ''LOLO'', ''LO/LO'' or ''Lo/Lo''. Ships with cranes or other cargo handling equipment on-board are also termed ''geared'' vessels. As container ships usually have no on-board cranes or other mechanism to load or unload their cargo, they are therefore dependent on dockside container crane A container crane (also container handling gantry crane or ship-to-shore crane) is a type of large dockside gantry crane found at container terminals for loading and unloading intermodal containers from container ships. Container cranes consis ...s to load and unload. However lift-on/lift-off vessels can load and unload their own cargo unassisted. Lift-on/lift-off vessels can operate out of docks with no dockside cargo handling equipment. "In May 2010 the Office of Naval Research (ONR) conducted a . ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Port Of Southampton
The Port of Southampton is a passenger and cargo port in the central part of the south coast of England. The modern era in the history of the Port of Southampton began when the first dock was inaugurated in 1843. The port has been owned and operated by Associated British Ports since 1982, and is the busiest cruise terminal and second largest container port in the UK. The volume of port traffic categorises Southampton as a Medium-Port City globally. The port is ten miles () inland, between the confluence of the rivers Test and Itchen and the head of the mile-wide drowned valley known as Southampton Water. The mouth of the inlet is protected from the effects of foul weather by the mass of the Isle of Wight, which gives the port a sheltered location. Additional advantages include a densely populated hinterland and close proximity to London, and excellent rail and road links to the rest of Britain which bypass the congestion of London. The average tidal range is approximately 5 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Jersey
Jersey ( , ; nrf, Jèrri, label=Jèrriais ), officially the Bailiwick of Jersey (french: Bailliage de Jersey, links=no; Jèrriais: ), is an island country and self-governing Crown Dependencies, Crown Dependency near the coast of north-west France. It is the largest of the Channel Islands and is from the Cotentin Peninsula in Normandy. The Bailiwick consists of the main island of Jersey and some surrounding uninhabited islands and rocks including Les Dirouilles, Écréhous, Les Écréhous, Minquiers, Les Minquiers, and Pierres de Lecq, Les Pierres de Lecq. Jersey was part of the Duchy of Normandy, whose dukes became kings of England from 1066. After Normandy was lost by the kings of England in the 13th century, and the ducal title surrendered to France, Jersey remained loyal to the The Crown, English Crown, though it never became part of the Kingdom of England. Jersey is a self-governing Parliamentary system, parliamentary democracy under a constitutional monarchy, with its ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Channel Island Lines
Channel, channels, channeling, etc., may refer to: Geography * Channel (geography), in physical geography, a landform consisting of the outline (banks) of the path of a narrow body of water. Australia * Channel Country, region of outback Australia in Queensland and partly in South Australia, Northern Territory and New South Wales. * Channel Highway, a regional highway in Tasmania, Australia. Europe * Channel Islands, an archipelago in the English Channel, off the French coast of Normandy * Channel Tunnel or Chunnel, a rail tunnel underneath the English Channel * English Channel, called simply "The Channel", the part of the Atlantic Ocean that separates Great Britain from northern France North America * Channel Islands of California, a chain of eight islands located in the Pacific Ocean off the coast of Southern California, United States * Channel Lake, Illinois, a census-designated place in Lake County, Illinois, United States * Channels State Forest, a state forest in Virginia ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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