Yes, there are import duties from UK to Cyprus as both countries are not part of a free trade agreement. The duties vary depending on the type of goods imported and their value.
For more information, see below
Yes, import duties are levied on goods imported from the UK to Cyprus, and vice versa. This is because both countries are not part of any free trade agreement, making it necessary to collect tariffs on imported goods. The amount of tax payable depends on the type of goods imported, their value and country of origin.
According to the World Bank, Cyprus levies one of the highest tariffs on imports among EU countries. In 2019, the average applied tariff rate was 5.5%, with the highest rates applied to alcohol, tobacco, and luxury goods.
To determine the amount of tax payable on imported goods to Cyprus, one needs to calculate the customs value of the goods in question. This includes the cost of the goods, insurance and freight charges, and any other fees. An ad valorem tax is then applied to the customs value to determine the tax payable.
It is important to note that there are some exemptions and reduction schemes that can help reduce the amount of tax payable in certain cases. For instance, certain goods are exempt from duty, including books, maps, and teaching materials.
In summary, when importing goods from the UK to Cyprus, it is essential to factor in the possible costs of import duties, which can significantly increase the overall cost of the goods. A table to illustrate the import duty rates could be as follows:
| Type of Goods | Tariff Rate |
|---|---|
| Textiles | 6.5% |
| Electronics | 4.5% |
| Alcohol | 14.5% |
| Tobacco | 32.5% |
As the famous management consultant, Peter Drucker, once said, “The best way to predict the future is to create it.” Business owners and entrepreneurs looking to import goods to Cyprus should take steps to understand the current import duty rates, as well as any potential changes that could affect their business in the future.
Some additional responses to your inquiry
The import tax charged on a shipment will be 19% on the full value of your items. For example, if the declared value of your items is 100 EUR, in order for the recipient to receive a package, an additional amount of 19.00 EUR in taxes will be required to be paid to the destination countries government.
See a video about the subject
Julie explains that shipping to Cyprus requires different documents depending on the shipment. For personal effects, a commercial invoice, packing list, and certificate of origin are necessary. One can reduce shipping costs by avoiding door-to-door shipping and instead shipping items to a warehouse in Nicosia. Shipping a car to the port can also be less expensive, and it’s important to ensure compliance with import policies. Ocean shipping is also an option for those with over five boxes to ship.
More intriguing questions on the topic
Do I have to pay VAT on goods from UK to Cyprus?
In reply to that: Cyprus is a member of the EU and the World Trade Organization (WTO). Goods manufactured in the UK are exempt from import duties. Contact the SOLVIT team if you have market access issues relating to the operation of the Single Market.
Similar
Do I need to pay import duty from UK?
Response to this: You may also have to pay customs duty You don’t have to pay customs duty on products that are made in the UK. You may have to pay customs duty if the products are manufactured outside the UK. The rate of duty depends on the category of product. Value is based on intrinsic value.
How much is the duty tax in Cyprus?
The standard VAT rate for importing items into Cyprus is 18%, with certain products, for example books, attracting VAT at the reduced rate of 8% or 5%. VAT is calculated on the value of the goods, plus the international shipping costs and insurance, plus any import duty due.
How much is import duty from UK?
The reply will be: Calculation of Import Duty In Ireland.
Duty of 16.9% is added to the ex VAT price and then Irish VAT of 23% is added on top – bringing the final price to £325.50 .
Can UK export to Cyprus?
Response will be: The UK is one of Cyprus’ most significant trading partners for goods and services. British products and services are well established on the island. Contact a Department for International Trade (DIT) export adviser for a free consultation if you’re interested in exporting to Cyprus.
Does Cyprus charge VAT?
Answer: Currently, VAT is generally not charged on the Business-to-Business (B2B) cross border supplies of goods and certain services (with some exceptions). However, after BREXIT, intra-community supplies of goods are likely to be treated as imports and exports between the UK and Cyprus. How much is customs duty in Cyprus?
What services does Cyprus import from the world?
The answer is: UN Comtrade ranks Cyprus’ top services imports from the rest of the world during 2015 as: telecommunications, computer and information services. other business services, such as consultancy, technical services and research and development (R&D) 5.
What tariffs does Cyprus have?
Response to this: Includes information on average tariff rates and types that U.S. firms should be aware of when exporting to the market. Cyprus has fully adopted the EU’s Common Customs Tariff (CCT) for third countries. EU products enjoy zero tariff rates.
Can UK export to Cyprus?
The UK is one of Cyprus’ most significant trading partners for goods and services. British products and services are well established on the island. Contact a Department for International Trade (DIT) export adviser for a free consultation if you’re interested in exporting to Cyprus.
Does Cyprus pay import tax?
Import duty and taxes are due when importing goods into Cyprus from outside of the EU whether by a private individual or a commercial entity. … Neither duty nor VAT is payable if the total value of the goods (excluding shipping charges and insurance) does not exceed €17.09. Is there import tax from UK to Cyprus?
What services does Cyprus import from the world?
As a response to this: UN Comtrade ranks Cyprus’ top services imports from the rest of the world during 2015 as: telecommunications, computer and information services. other business services, such as consultancy, technical services and research and development (R&D) 5.
What are the excise duties in Cyprus?
The response is: 1. Introduction The Republic of Cyprus, being a Member State of the European Union imposes specific excise duties on alcoholic, tobacco and energy products. Consequently, Cyprus has adopted rules relating to the holding, intra – Community movement, and monitoring of these products.