Can an importing company use turnover tax?

Question

Accepted Answer

No. Importing goods excludes turnover tax at any size. Excluded Importers of goods — across the customs border, whatever their income. Day one The general regime applies — from the date of the import contract or of the import itself, whichever comes first. The exclusion is written into the regime itself: entities importing goods across the customs border may not apply turnover tax. The Code is specific about timing — such a company moves to VAT and profit tax from the date of concluding the import contract or of the import, whichever comes earlier. In practice the monthly compliance load on the general regime is roughly triple the turnover regime’s, so an importer should plan for VAT and profit tax before registration rather than discover them after.

Can an importing company use turnover tax?

Related questions

This calendar can be owned for you