ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The import tax charged on a shipment will be 21% 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 21.00 EUR in taxes will be required to be paid to the destination countries government.

Detailed explanation-2: -The import VAT must be paid by the importer. Usually, 21% applies, although there are reduced rates (10%) and super reduced (4%). The minimum threshold for VAT application is € 22 for shipments sent by companies and € 45 for shipments between individuals.

Detailed explanation-3: -Spain is party to the European Union’s Common Customs Tariff, therefore preferential rates apply to imports from countries which the EU has signed agreements with. Duties range from 0-17%, with the general tariff averaging 4.2%.

Detailed explanation-4: -While U.S. tariffs as a whole continue to be at or near their lowest levels ever, the duties imposed on specific imported goods vary widely depending on what they are and where they’re coming from. In general, the stiffest tariffs are levied on apparel and clothing.

Detailed explanation-5: -Spanish regulations ban the import of illicit narcotics and drugs. There are also very restrictive regulations for imports of explosives, firearms, defense equipment and material, tobacco, and gambling material.