- EU member states have agreed on new VAT rules for distance sales of imported goods and import VAT.
- Foreign traders or platforms will be liable for import VAT and VAT on distance sales in the destination member state.
- The changes encourage the use of the VAT import one-stop-shop (IOSS).
- IOSS simplifies VAT declaration and payment for goods imported into the EU.
- VAT payments are made upfront, protecting tax revenues and increasing compliance.
- The burden of VAT collection shifts from customers to platforms.
- The Council needs to approve the draft legislation after input from the European Parliament.
Source: answerconnect.cch.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.
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