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Shipping terms


Produced by a Tolley Value Added Tax expert
Value Added Tax
Guidance

Shipping terms


Produced by a Tolley Value Added Tax expert
Value Added Tax
Guidance
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When goods are exported or imported, they will normally use a set of internationally recognised trade terms which are published by the International Chamber of Commerce (ICC). These terms are known as incoterms and the latest series is incoterms 2020.

Incoterms aim to ensure that shipping and delivery responsibilities are written down and clearly understood to avoid misunderstandings between suppliers and customers.

Information on incoterms is provided on the website of the Department for Business and Trade.

In total, there are 11 incoterms guidance from the Department for Business and Trade outlines that the most commonly used incoterms are as follows:

IncotermDepartment for Business and Trade description
Ex Works (EXW)The seller makes the goods available at the seller’s

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  • 12 Apr 2023 13:50

Home/ Tolley Tax Guidance/ Value Added Tax / Doing business internationally

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