Deferred payment accounts allow traders to import goods and pay the charges due via direct debit on the fifteenth day of the following month.
Once authorised by Revenue traders will be able to defer payments of certain charges such as customs duty, VAT at import, excise and VRT.
It is the responsibility of the holder of the deferred payment account to ensure that the customs duty and VAT liabilities do not exceed the agreed amount on the account.
To apply for a deferred payment account, traders must have an agreement to cover a customs debt that has or will arise from certain customs procedures, this is known as a “comprehensive guarantee”. All applications are made electronically on the customs decision system (CDS). More information about CDS can be found here: https://ec.europa.eu/taxation_customs/business/customs-procedures/customs-decisions_en