Online Sellers: Be Ready for EU VAT and Customs Changes

If you are:

• a business selling goods online across the EU;
• an importer of low-value goods; or
• an online platform bringing together sellers and buyers of goods or/and services;

then you need to prepare for major changes that will take place for your business on July 1, 2021.

This article will look at the most important changes.

Firstly, an overview is provided of the main implications of changes to (both EU and non-EU) online sellers shipping goods across Europe from a stock located in the EU.

Secondly, the article will look at the One-Stop-Shop (OSS)—simplified reporting and payment of value-added tax (VAT).

Thirdly, an overview is provided of the impact of the changes for businesses which are importing low-value goods from third countries in the EU.

Fourthly, a short overview is provided of the impact of changes to electronic interfaces/platforms.

Finally, the article will provide an overview of how to register for the simplified OSS reporting.