IOSS is a new scheme for reporting sales of goods imported from outside the EU into the EU and valued at less than 150 EUR. Under the IOSS, the importer can charge customers with VAT at the point of sale then declare and pay the VAT via a monthly IOSS return. IOSS allows suppliers and electronic interfaces selling imported goods to buyers in the EU to collect, declare and pay the VAT to the tax authorities, instead of making the buyer pay the VAT at the moment the goods are imported into the EU as it was previously the case (for products over 22 EUR). Read more…
Source: globalvatcompliance.com
Latest Posts in "European Union"
- EU Parliament Reconsiders VAT Reverse Charge Amid Fraud Concerns and Digital Reporting Advances
- Does a Subsidiary Create a Fixed Establishment for VAT? Insights from Dong Yang Electronics Ruling
- CJEU’s Titanium Ltd Ruling: Redefining Fixed Establishment for Cross-Border VAT in the EU
- EU Parliament Proposes 200 Amendments to Modernize VAT and Tax Rules for Financial Sector
- VAT Concepts Explained: Bad Debt Relief and VAT Credit Notes
