- IOSS growth continues: In 2023, 21,800 new traders registered for IOSS, a 17% increase from 2022, declaring €26.3 billion in import VAT—a 35% rise from 2022.
- New measures coming: Planned 2028 EU Customs reforms will remove the €150 threshold, while additional incentives will encourage businesses to adopt IOSS for streamlined import VAT compliance.
- IOSS benefits: Introduced in 2021, IOSS simplifies VAT collection, lowers administrative costs, enhances parcel oversight, ensures compliance, reduces VAT fraud, and promotes fair competition across the EU.
Source: vatcalc.com
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