Management Accounting Policies

Management Accounting Policies

Customs Importation Policy

Custom duties are collected on a wide range of goods imported from non-EU countries. The duty must be paid at point of entry. The goods will not be allowed into the State until such duty is paid. In most instances, the duty will be paid by the carrier (DHL, UPS etc.), along with any vat if relevant, and recharged by the carrier to the University.

For customs duty purposes, goods are classified/allocated tariff code numbers. These tariff codes indicate the level of duty payable. As there are in excess of 180,000 tariff classifications, it is difficult to know in advance the duty payable on all importations. The rate of duty varies from zero-rated to  7.2% on chemicals, machinery from zero to 22%. Duty on certain products can be in excess of these rates if they are covered by anti-dumping duty. A Revenue website with many of these classifications is available at   https://europa.eu.int/comm/taxation_customs/dds/cgi-bin/tarchap?Lang=EN

If a department is about to purchase a material item from outside the EU, it would be advisable to obtain a Binding Tariff Information (BTI), which provides traders with a tariff classification decision which is legally binding. This would avoid having to pay an amount of duty for which the department making the purchase had not budgeted. What is material will depend on the relevant budget, but a guideline would be for items in excess of  EUR10,000. BTI application forms are available at https://www.revenue.ie/pdf/btim.pdf

 

 

Finance Office

An Oifig Airgeadais

North Wing, Main Quadrangle, University College Cork, Cork T12 YN60

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