Coaches / Tour buses and other commercial vehicles
Vehicles, machinery and equipment may be imported to Iceland temporarily for commercial purposes. Travel agencies may also temporarily import coaches / tour buses with foreign registration plates to Iceland. The term coach / tour bus is a vehicle registered for 10 people or more (nine passengers plus the driver). Temporary importation can last for a maximum of 12 months. An importer must complete an E-9 statement which must always be kept in the vehicle during the stay. In general, all goods that are temporarily imported are dutiable. However, temporary importation of coaches / tour buses that are only imported to Iceland in order to service a particular group of tourists and is shipped from Iceland when the group leaves the country on a duty-free basis.
- In general a lease agreement is the prerequisite for the customs value for the purposes of temporary importation. An importer submits a lease agreement for the period during which the vehicle is in Iceland. In other respects, the provisions of Chapter V of the Customs Act apply to customs value and customs valuation.
- If a lease agreement is not available, the customs value of coaches / tour buses shall be valuated according to estimated rent based on 1/60th of the customs value.
A financial guarantee bond for payment of import duties:
- Importers must provide security for customs clearance for estimated import duties. The security can be in the form of customs credit, cash, bank guarantee or A.T.A. warranty document.
Settlement of import duties:
- Temporary importation ends with the exportation within the time limit. In parallel with the exportation, the importer submits a financial statement for the settlement of a temporary importation. Upon settlement, the Directorate of Customs calculates the final import duties, compares the guarantee and the eventual import duties and then reimburses or collects in accordance with the Customs Code.
- If a commodity is not exported within the time limit referred to in customs clearance or the maximum deadline is breached then the commodity must be fully customs cleared and pay import duties must be paid as per ordinary importation.
Further information on these sources can be found in the Customs Code no. 88/2005 and in Regulation no. 630/2008 on various relief of import duties and tariff preferences.