Debitoor Dictionary

Accounting terms explained in a simple way

Over 150 Articles for Founders and Entrepreneurs

  1. Import VAT
  2. Export VAT
  3. Customs duty
  4. Exchange gain or loss
  5. Fixed exchange rates

Import Duty - What is import duty?

Import duty is a type of tax that is charged on goods or services purchased from abroad.

Do you import or export? With Debitoor, you can create invoices in multiple languages and currencies, making it easier for your business to grow internationally.

There are different kinds of import duty, depending on whether you are importing from within or outside of the EU and whether you are purchasing goods or services.

Import duty on goods

Goods imported from another EU country are known as ‘acquisitions’. If you import goods from another EU country, you will generally need to pay VAT. You usually do not need to get any kind of license for EU imports.

If you import goods from a non-EU country, you will need to apply for an 'EORI number', declare your imported goods to customs, and pay Customs Duty. You may also need to apply for an import license.

Import duty on services

Generally, if you purchase services from another EU country, you must follow a rule called 'reverse charge'. Certain types of service - such as such as hiring transport, 'electronically supplied services', and catering or restaurants - are exceptions to this rule.

You do not need to pay VAT on services purchased from outside of the EU.

Importing and Debitoor

With Debitoor invoicing and accounting software, you can easily manage your day-to-day finances, even if you have suppliers and customers in several different countries.

Debitoor is localised to over 40 countries around the world. It allows you to create invoices in 12 different languages, and because you can choose from a range of currencies, it's fast and simple to trade across borders.