This year is one of changes in regards to VAT and eCommerce in Europe. The UK officially left the EU since January and many businesses are still feeling the impact of all changes that came along with Brexit.
At the same time, everyone is being affected by the global pandemic and trading has seen a shift from physical stores to online shopping. As a result, eCommerce has seen a boost in terms of growth and large marketplaces have recorded unprecedented profits within 2020.
On top of these changes, the EU has set a date for introducing the VAT eCommerce package which includes new rules regarding eCommerce and VAT which will take place in July.
These rules will have an immediate effect on all businesses in the supply chain such as individual sellers and marketplaces. All distance sellers within the EU or trading with the EU will need to redefine their VAT requirements after July.
Source: globalvatcompliance.com
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