What changed from July 1, 2021?
On 1 July 2021, all European Union Member States rolled out a new e-commerce VAT system which entails a One-Stop Shop (OSS) and Import One-Stop Shop (IOSS) program. The aim of those programs is to promote both the cross-border online trade and trade across the EU by simplifying compliance obligations.
What is OSS?
OSS is a new EU VAT scheme that simplifies up to 95% of VAT obligations for sellers of goods and services to consumers throughout the European Union. Under the OSS, the seller can register for VAT in a single EU country for all intra-EU distance sales of goods and for business-to-consumer supplies of services, then declare and pay the VAT due via a single quarterly return. OSS enables sellers to avoid VAT registration in multiple EU countries.
Source GlobalVATcompliance
More newsitems on the OSS & IOSS in the European Union can be found HERE.
Latest Posts in "European Union"
- Loyalty Points Are Not Vouchers for VAT: CJEU AG Opinion in Lyko Operations Case
- EU Charter Sets Procedural Safeguards and Limits Sanctions in VAT Enforcement: Key CJEU Rulings
- CJEU Clarifies VAT on Transfer Pricing Adjustments and Intra-Group Services: Key Implications for Businesses
- EU VAT Reforms and Menstrual Poverty: Addressing Access to Affordable Sanitary Products
- Making ViDA Work: Reflections on the ViDA Implementation Dialogue
