Logistics terms V

Valid At Time of Shipping (VATOS)

VATOS is the abbreviation for Valid At Time Of Shipping. The variable surcharges, such as BAF and CAF, are determined at the moment the goods are loaded onto the ship/aircraft.

Valuable Cargo

A freight shipment containing one or more valuable goods.

Valuation Charge

Transport costs for certain goods, based on the value declared for the transport of such goods (air freight).

VAT

VAT is the English term for value added tax. VAT is a tax that a government levies on the purchase of products or services. VAT is a form of turnover tax applied in 136 countries, including most European countries.

VAT (Value Added Tax)

Value Added Tax (VAT) is a tax that a government levies on the purchase of products or services. VAT is a form of turnover tax applied in 136 countries, including most European countries. Producers and suppliers increase the price of a product or service by the amount of VAT, and subsequently they must pay this amount to the state.

VAT 0%

In contrast to VAT on goods at import, VAT 0% is charged on the services at import. That is to say; the first activity after import is charged VAT 0%. For some products and services, a (partial or full) exemption applies. In addition, there is the possibility of a zero rate. The zero rate and the exemption are not the same. For supplies taxable at the zero rate, the entrepreneur is entitled to deduct the input tax charged, whereas the exempt entrepreneur lacks this deduction. The (fiscally relevant) difference between the two therefore manifests itself in particular when, after this link in the production chain, there is another link that has to invoice with VAT. Instead of the zero rate, it is therefore better to speak of the exemption with the right to input tax deduction. In practice, with import this corresponds to all operations needed to receive the goods in the first warehouse. VAT 0% is also levied on export operations to outside the EU. In practice, this applies to all operations after departure from the warehouse.

VAT on import

VAT is charged on normal domestic business transactions. VAT is a specifically European tax. When purchasing goods from a European, non-Dutch company, you as a Dutch company are not charged VAT; a so-called intrastat transaction. This has to do with the deductibility of VAT by the company and the different VAT rates charged by the various EU member states. With such a transaction, the VAT is reverse-charged 'across the border' by means of the VAT number. Because a non-European supplier does not know VAT, but the government nevertheless wants to receive a VAT withholding on these goods, VAT on import was introduced. VAT on import is calculated on the customs value including the import duties levied. VAT is therefore also calculated on the import duties. This VAT on import must be included by the company in its VAT administration and will then be set off against the VAT received. Ultimately, the end consumer pays here too. VAT on import currently amounts to 19%.

VAT reverse charge on import

If the importer is going to import goods from outside the EU more often, his accountant can submit a request for VAT reverse charge to the tax authorities. Once this reverse charge is granted, the VAT on import no longer has to be paid immediately. It can be settled afterwards via the VAT return.

VAT reverse charge on import

If the importer is going to import goods from outside the EU more often, his accountant can submit a request for VAT reverse charge to the tax authorities. Once this reverse charge is granted, the VAT on import no longer has to be paid immediately, but can be settled afterwards via the VAT return.

Ventilated containers

The abbreviation VE refers to Ventilated containers. These have additional ventilation holes for goods that give off a lot of condensation. If these goods were loaded in a normal container, the product could become damaged during the journey due to the increased condensation. With additional ventilation, this can be prevented.

Vents

Vents are (closable) hatches in containers with which the degree of ventilation of the cargo can be influenced. Vents are also called drains.

Verified Gross Mass (VGM)

The party named as shipper (supplier) on the B/L has the responsibility to pass on the verified container weight (VGW - Verified Gross Weight or VGM - Verified Gross Mass) to the shipping line. This must be done after a container has been loaded and before the container is loaded on board the ship. If no verified weight has been passed on, the container may not be loaded on board a ship.

Vessel

A nautical term for all types of craft designed for transport on water, such as ships, boats or submarines.

Volumetric weight

The volumetric weight is the weight that arises when the volume of the goods to be transported is multiplied by the conversion factor of sea freight, air freight or road transport. - For sea freight: 1 cbm = 1,000 kg - For air freight: 1 cbm = 167 kg - For road transport: 1 cbm = 333 kg