- The OSS (One Stop Shop) procedure simplifies the settlement of output VAT on sales of goods and services to consumers from other EU countries.
- The procedure allows taxpayers to submit information on their sales to one tax administration, which then distributes and remits the appropriate part of the VAT to the relevant EU country of consumption.
- The OSS procedure reduces the need for suppliers to register and settle VAT in multiple EU countries.
- The procedure can be used by taxpayers who supply services to natural persons in a Member State where they are not established or make intra-Community distance sales.
- Registration for the OSS procedure is made in a single Member State, typically the one where the taxpayer has its seat of economic activity.
- Once registered, VAT must be declared and settled on all supplies of goods or services covered by the OSS procedure.
- Additional records of transactions covered by the OSS procedure should be kept in electronic form for 10 years.
- VAT returns must be submitted on a quarterly basis by the end of the month following each consecutive quarter.
- VAT payments should be made in euro to the designated bank account, using the unique reference number provided.
- The VAT return for the OSS is supplementary and does not replace the domestic VAT return.
- Mistakes in the VAT return can be adjusted within 3 years after the deadline for submission.
- The VAT return must be completed accurately, including details of supplies of goods and services to specific EU countries.
- Accace is a consultancy and outsourcing partner that provides a range of services, including accounting, payroll, tax advisory, legal advisory, and market entry support.
Source: accace.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
