When buying goods from outside the EU, what is the term used?

Dive into the AAT Indirect Tax (IDRX) Level 3 Test with flashcards and multiple choice questions. Each has helpful hints and explanations to sharpen your skills. Get exam-ready now!

The correct term for buying goods from outside the EU is "import." This term specifically refers to the process of bringing goods or services into a country from abroad for sale. When a business or individual purchases items from a foreign seller, they are importing those goods, which involves various procedures and regulations, including customs duties and VAT considerations.

In contrast, the term "export" refers to the selling and sending of goods to another country. "Acquisition" generally pertains to the process of obtaining something, but it can be used in various contexts that are not specific to international trade. "Dispatch" typically relates to the shipping or sending out of goods from a sender to a receiver, which is not the same as the act of purchasing goods from abroad. Understanding these terms clarifies the nature of international transactions, particularly in the context of indirect tax implications linked to imports.

Subscribe

Get the latest from Examzify

You can unsubscribe at any time. Read our privacy policy