On 26 November, Black Friday presents another opportunity for retailers to drive e-commerce sales and boost revenue. It has become one of the biggest global retail events of the year, with shoppers increasingly turning to online retailers for the best deals.
Retailers will be working hard to prepare the best deals to entice shoppers but do you know where you stand with VAT compliance?
With the new EU E-Commerce VAT Package now in effect, this year B2C retailers can account for VAT on Black Friday sales in the EU in one single return.
The e-commerce package is a simplification, saving businesses valuable time and money. However, there are additional data requirements which have the potential to create significant issues if not managed appropriately.
Source: SOVOS
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