What is simplified import VAT accounting?
Simplified import VAT accounting (SIVA) is a scheme that may provide compliance cost savings for authorised businesses by reducing the level of financial security required to guarantee the payments of import VAT. Authorised businesses are able to apply to reduce the level of financial guarantee required to operate a duty deferment account for VAT purposes only. The availability of postponed VAT accounting (see V3.305) means that SIVA may be less relevant for many businesses. To use SIVA a business must have a deferment account, or intend to apply for one, and meet all the requirements set out in the approval criteria.
Import VAT deferment, deposit and security
The general rule is that import duty (and hence import VAT)1 must be paid before the end of the period of ten days beginning with the
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Web page updated on 24 Aug 2024 11:41