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Import Tax on clothing from China

  • 24-11-2014 2:42am
    #1
    d Immortalis b
    Registered Users, Registered Users 2 Posts: 19 ✭


    Hi i ahve two questions.

    1 I am looking to import Custom Designed sports jerseys form china to ireland and i was just wondering how the import tax is calculated and what vat is to be paid on these items.

    2 If i register for VAT to reclaim it on business equipment i intend to buy how does this affect me if i wish to continue to work part time for my current employer..

    Thanks guys


Comments

  • #2
    RUDOLF289
    Registered Users, Registered Users 2 Posts: 794 ✭✭✭RUDOLF289


    d Immortalis b wrote: »
    Hi i ahve two questions.

    1 I am looking to import Custom Designed sports jerseys form china to ireland and i was just wondering how the import tax is calculated and what vat is to be paid on these items.

    2 If i register for VAT to reclaim it on business equipment i intend to buy how does this affect me if i wish to continue to work part time for my current employer..

    Thanks guys

    Good morning d Immortalis b,

    1. Import duty for clothing is 12%. This is calculated over the Cost Insurance Freight (CIF) value of the goods (so you need to add the freight cost and transport insurance to the cost of the product). If the value is in a forreign currency, customs will calculate the value in euro on the basis of monthly published exchange rates. For December that will be 1 Euro = Us$ 1.2535 (see this link http://www.revenue.ie/en/customs/businesses/importing/exchange-rates/index.html)

    2.VAT is charged over the cost of the combined cost under 1. plus the duty @ 23%.

    You may need to consult an accountant as to what the implications are for registering for VAT. There are threshholds, which I think may be Euro 75K in a 12 month period. However, if you import from outside the EU and sell to businesses (B2B) as opposed to consumers, there may be an advantage to register for VAT even if you do not expect to exceed the treshhold. An accountant would be able to advise you on the best options.

    Cheers,
    Rudolf289


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