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"Term Set Name","Term Set Description","LCID","Available for Tagging","Term Description","Level 1 Term","Level 2 Term","Level 3 Term","Level 4 Term","Level 5 Term","Level 6 Term","Level 7 Term"
"Political Geography","A sample term set, describing a simple political geography.",,True,"One of the seven main land masses (Europe, Asia, Africa, North America, South America, Australia, and Antarctica)","Continent",,,,,,
,,,True,"Entity defined by people, not visible to the naked eye","Continent","Political Entity",,,,,
,,,True,"Politically defined state with a geographic area governed by a central government","Continent","Political Entity","Country",,,,
,,,True,"Administrative division of a country","Continent","Political Entity","Country","Province or State",,,
,,,True,"Large sub-region usually containing many cities and towns","Continent","Political Entity","Country","Province or State","County or Region",,
,,,True,"Small village","Continent","Political Entity","Country","Province or State","County or Region","Hamlet",
,,,True,"Collection of homes and business, often incorporated","Continent","Political Entity","Country","Province or State","County or Region","Village",
,,,True,"A small city","Continent","Political Entity","Country","Province or State","County or Region","Town",
,,,True,"An incorporated town with a large population, usually governed by a mayor or council","Continent","Political Entity","Country","Province or State","County or Region","City",
,,,True,"A division of a city, often repesented in the city government","Continent","Political Entity","Country","Province or State","County or Region","City","District"
,,,True,"A sub-section of a city","Continent","Political Entity","Country","Province or State","County or Region","City","Borough"
,,,True,"Unofficial district or area of a city or town","Continent","Political Entity","Country","Province or State","County or Region","City","Neighborhood"

# ----------------------------------------------
# Author: Microsoft
# Date: 27.02.2014
# Description: Import termset from CSV file. 
# ----------------------------------------------

function ImportTermSet([Microsoft.SharePoint.Taxonomy.TermStore]$store, [string]$groupName, [PSCustomObject]$termSet) {  
  function ImportTerm([Microsoft.SharePoint.Taxonomy.Group]$group, 
                      [Microsoft.SharePoint.Taxonomy.TermSet]$set, 
                      [Microsoft.SharePoint.Taxonomy.Term]$parent, 
                      [string[]]$path) {       	
    if ($path.Length -eq 0) {
      return
    } elseif ($group -eq $null) {
      $group = $store.Groups | where { $_.Name -eq $path[0] }
      if ($group -eq $null) {
        $group = $store.CreateGroup($path[0])
      }
    } elseif ($set -eq $null) {
      $set = $group.TermSets | where { $_.Name -eq $path[0] }
      if ($set -eq $null) {
        $set = $group.CreateTermSet($path[0])
      }
    } else {
      $node = if ($parent -eq $null) { $set } else { $parent }
      $parent = $node.Terms | where { $_.Name -eq $path[0] }  	   
      if ($parent -eq $null) {
        $parent = $node.CreateTerm($path[0], 1033)
      } 
    }
    
    ImportTerm $group $set $parent $path[1..($path.Length)]					
  }
  
  function RemoveTermGroup([Microsoft.SharePoint.Taxonomy.TermStore]$store, [string]$groupName) {
    $group = $store.Groups | where { $_.Name -eq $groupName }
    if ($group -ne $null) {
      $group.TermSets | foreach { $_.Delete() }
      $group.Delete()
      $store.CommitAll()
    }
  }
  
  RemoveTermGroup $store $groupName
  $termSetName = $termSet[0]."Term Set Name"    
  $termSet | where { $_."Level 1 Term" -ne "" } | foreach {
    $path = @($groupName, $termSetName) + @(for ($i = 1; $i -le 7; $i++) { 
      $term = $_."Level $i Term"
        if ($term -eq "") {
          break
        } else {
          $term
        }
      }
    )
	
    ImportTerm -path $path
  }
}

$session = Get-SPTaxonomySession -Site "http://localhost"
$store = $session.TermStores["Managed Metadata Service"]   
$termSet = Import-Csv "C:\Users\Ronnie\Desktop\ImportTermSet.csv"
ImportTermSet $store "MyGroup" $termSet
$store.CommitAll()