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Foreign travel advice Indonesia
FCDO advises against all travel to parts of Indonesia.
Foreign travel advice Romania
Warnings and insurance Still current at: 24 April 2024 Updated: 23 April 2024 Latest update: Information related to drug offences and Romanian music festivals (under 'Laws and cultural differences' subheading on the 'Safety and security' page).
Foreign travel advice The Gambia
Warnings and insurance Still current at: 23 April 2024 Updated: 22 April 2024 Latest update: Ferry services between Banjul and Barra have been suspended until further notice; The Islamic Summit of the OIC (Organisation of Islamic Cooperation) will be held in Banjul on 4-5 May; road closures and delays at Banjul International Airport ('Safety and security' page).
Foreign travel advice China
Warnings and insurance Still current at: 23 April 2024 Updated: 22 April 2024 Latest update: Updated information on flooding (‘Safety and security’ page).
Guidance Living in South Korea
Information for British citizens moving to or living in South Korea, including guidance on residency, healthcare, driving and more.
EU Reviews Low Value Consignment VAT Loophole
In an effort to minimise VAT evasion, reduce administration and level the playing field for EU traders, the European Commission (EC) wants to abolish the Low Value Consignment Stock Relief (LVCR) scheme.
It’s estimated that the EU is currently losing as much as €500m per annum to non-EU sellers of goods who are able to use the scheme to their advantage, and are suspected of reducing the value of the shipments that they import into EC member states.
The EC has set quite an ambitious deadline of 1 January 2016 to introduce legislation that would see the VAT exemption removed for the importation of small consignments from non-EU suppliers.
The legislation would be welcomed by EU retailers, as it would resolve the issue of unfair advantage from competitors - particularly Chinese businesses.The closing of the LVCR loophole is expected to result in EU customers of overseas sellers being required to pay more, due to the items no longer being VAT free.
As was demonstrated in 2014 when the UK removed the LVCR scheme from businesses registered in the Channel Islands, governments would see a cost benefit (HMRC estimates the loophole was costing the UK £140m annually) and tax authorities would be relieved of having to track and prosecute international sellers.
Need more information? Contact our VAT team.