New rules apply to the collection of import VAT in Germany from 1 December 2020. This will make Germany more competitive in terms of international trade and make the Port of Hamburg more attractive as a destination for European imports.
The due date for import VAT is to be moved to the 26th of the second month after the import takes place. Customers who import non-EU goods into Europe via the Port of Hamburg will gain major liquidity benefits from the extension. The previous deadline of up to 47 days after the import date will now be almost 90 days.
Since import VAT can be offset as input VAT, companies can also gain a financial advantage before they have to pay the import VAT. The new rules mean more liquidity, less need for bridge financing and lower interest payments.
More information about the advantages of the new rules can be found in this video clip.