An entrepreneur who is not afraid of challenges often sets new goals. Importing goods from the European Union may seem at first glance too complicated and the number of regulations too high, but first of all, it is a very profitable and lucrative activity, and secondly, after delving into the legal provisions, it turns out that the matter is not as complicated as it might seem. What do you need to keep in mind? What regulations are important when importing goods from the EU?
European Union – Free Movement of Goods
Since there is a unified market for goods in the European Union, it is very advantageous if the entrepreneur in question has plans for a business that is a multi-branch wholesaler. The single market means that fees such as customs duties have been abolished, while goods can be traded within all 28 member states, regardless of where the good is produced. However, not everything is so simple. Restrictions are possible, which primarily apply to those goods that may in any way affect the natural environment, human and animal health or public safety. In contrast, there is an excise tax on tobacco and alcohol products.
Imports in the European Union – land transport
Within Europe, imported products most often travel overland. This type of transportation is logistically optimal, it is not expensive, and above all it is very simple. Crossing the borders of more European countries is not a major problem and is not time-consuming. Road transport allows two ways to transport goods: hiring a courier and a common carrier. It is worth securing your products through proper palletization, as this is the best way to transport your goods smoothly.
An extremely important issue for any business owner is the tax that will have to be paid on imported products. In the case of imports, the tax base is the customs value plus the duty due and excise tax, if any. Therefore, the amount of customs and excise duties should be carefully checked beforehand, as they can make a not insignificant difference in the final amount of tax due. The VAT Law regulates further regulations that apply when paying tax for goods imported into the country within the European Union.