Swiss parliamentarians look set to unilaterally remove import duties on almost all industrial goods in a move that could come into force as early as January next year.
In a move designed to simplify Swiss customs tariffs for traders, the decision also aims to help reduce the high price of goods for consumers.
The policy is subject to a final vote but looks likely to pass, resulting in the Swiss tariff code downsizing from 6,172 tariff lines to 4,592.
Opportunity for UK firms
Trade between the UK and Switzerland is currently worth just under £31bn a year with a £5.8bn trade surplus in favour of the UK, making it the UK’s 10th largest trading partner.
The Swiss market is a surprisingly large opportunity for UK businesses, and it’s something that Go Exporting in partnership with Prodigo are going to outline in an upcoming webinar discussing key market sectors and how to do business in the country.
This one-day online training event is designed to explain the importance of applying and following international rules surrounding VAT. The crossing of goods and services across international borders is a vital part of the global economy, and even the smallest of mistakes and errors can cause expensive delays and other issues in the supply chain.
The course has a focus on the effect of Brexit on the rules surrounding UK VAT and International Trade, covering the effects on both goods and services. The course will cover:
- Import VAT and applying postponed VAT accounting to goods
- Import One Stop Shop (IOSS)
- Evidence requirements and zero rating for goods
- The general rules and exceptions to those rules for the sale of services
- Determining the place of supply and when to apply the reverse charge
Correctly submitting your VAT return as an organisation is vital. Not only can it save your business money, but it can also lead to legal trouble if you don’t do so correctly. Maximising what you can claim in terms of VAT, and reducing any possible delays with regard to processing your claims is an essential part of running an efficient business.
Important concepts covered in this course include:
- Exporting and importing goods – Zero rate, evidence of place and time of supply, import VAT and postponed VAT accounting, relief schemes and duty deferment accounts
- General place of supply rules – From a B2B and B2C perspective, exceptions to the rules of land, digital supplies, events and admission, and the reverse charge
- Selling goods to private individuals and the IOSS
- Completing your VAT return
Have you explored the export potential of Switzerland? You may be surprised by the size of the opportunity.
In this upcoming free webinar, we will hear from our Swiss partner Prodigo about the key market sectors and how to do business in the country. Don’t miss this opportunity to explore the potential opportunities in this beautiful country.
