VAT Deferment Scheme

A customs and tax procedure that postpones the payment of import VAT (value-added tax on imported goods) to a later date, typically through a defermen...

A formal document, issued by a tax authority or customs administration, noting that the payment of value-added tax (VAT) for certain goods or transact...

A formal review conducted by a tax authority to examine the use and management of a VAT deferment facility (an arrangement allowing import VAT to be p...

A settlement process under a VAT deferment arrangement where a business reconciles and pays the VAT amounts that were deferred and recorded under a de...

A VAT deferment account is an account held with the customs authority that allows a business to defer payment of import VAT until the monthly VAT retu...

The amount of value-added tax (VAT) that is not due for payment at the time of import or certain transactions because it is deferred under a VAT defer...