Shipping, Import tax, Duties & VAT - Tips to avoid nightmare situations.
I receive many calls and emails from watch enthusiasts around the world asking me to clarify the what’s, why’s and how’s when it comes to… 1) buying watches from different countries and importing them…. and (2) selling watches to different countries and exporting them.
Brexit, VAT, Duties, Import taxes, handling fees… What does this all mean for us watch collectors?
VAT Margin Scheme Vs Standard Import VAT example:
How About The Customers/Buyers Role In Shipping?
Once my package gets to the local delivery depot – wherever it is in the world – the local courier (Fedex/DHL or whoever) collaborates with the local customs to ‘clear the goods’ – that is – inspect the package and check all the consignment paperwork lines up with the actual contents of the package.
If it doesn’t – this is where the nightmare can begin.
If it does all line up, there is still the small matter of getting the package OUT of the courier depot and through the front door and on to the wrist. And this is where the customer / “importer” of the goods comes into play.
They may need to call the courier – or be in a position to receive a call from them to help clear the goods so they can be released. So they need to be on standby on the day of delivery or a few days before the intended delivery date.
It might just be answering a few questions about the package – or clarifying delivery information – or perhaps the BIG ONE – paying the import taxes. That is – the local sales tax in your country or state.