Innflutning

Innflutning, the Icelandic term for importation, refers to the process of bringing goods into a country from abroad for sale, use, or personal consumption. In Iceland and in international trade, innflutning covers a wide range of goods, from consumer products to raw materials used in manufacturing, and is subject to customs controls and regulatory frameworks designed to ensure safety, taxation, and compliance with trade rules.

The import process typically begins with the importer preparing and submitting an import declaration to the customs authority. Required documents usually include a commercial invoice, packing list, bill of lading or airway bill, and a certificate of origin. Depending on the goods, additional licenses or certifications may be needed, such as health, safety, or phytosanitary certificates. The declared value is used to determine duties and value-added tax (VAT) under the applicable customs valuation rules.

Taxes and duties vary by product classification (HS codes) and by country of origin. Iceland applies VAT on imports, and several goods may be subject to excise taxes. Some operations may be eligible for relief or suspension of duties under temporary import regimes or trade agreements.

Regulatory context: the system is aligned with the European Economic Area (EEA) framework and Iceland's participation in EFTA and related trade agreements; customs controls are complemented by rules on trademark, safety, and sanctions compliance. Post-clearance audits and penalties for misdeclaration may apply.

Economic significance: innflutning influences domestic prices, availability of goods, and the trade balance, and relies on efficient logistics, reliable suppliers, and transparent valuation.