Import VAT and Duty

When you import goods from your vendors who are based out of your country, you might incur additional charges. These additional charges maybe due to custom duties and their related taxes. You can record these additional charges by recording import VAT in Zoho Procurement. Let’s see how you can record import VAT in Zoho Procurement.

Add Overseas Vendors

To record import VAT in Zoho Procurement, you need to add an overseas vendor first. To do so:

• Go to Vendors on the left sidebar.
• Click + New in the top right corner.
• Enter the details of your vendor.
• Select the VAT Treatment as Overseas.
• Click Save.

Record Import VAT and Duty

Once you’ve created your overseas vendor, you will be able to record import VAT after creating a bill for that vendor. To do this:

• Select a bill you’ve created for your overseas vendor.
• Click the More option in the top right.
• Select Record Import VAT.
• Enter the Entry Number and Port Code.
• Enter the Date and the Paid Through account.
• If you have already paid import VAT during the time of import, enable the VAT has been paid on the import of these goods option while recording import VAT.
• Next, enter the Assessable Value of the goods and their Custom Duty + Additional Charges.
• Select the VAT Rate.
• Click Save.