- The European Union has introduced the Import One Stop Shop (IOSS) to simplify the collection, declaration, and payment of value-added tax (VAT) for ecommerce businesses.
- Any seller that imports goods with a value of €150 or less into the EU can register for the IOSS scheme and use the electronic portal.
- To participate, you must register for an IOSS identification number and integrate IOSS into your ecommerce system.
- With the IOSS scheme, you’re responsible for collecting VAT directly from your customers and submitting regular IOSS VAT returns to the tax authority of the EU Member State where you registered.
- Regularly reviewing your processes and systems to ensure ongoing compliance with IOSS requirements is essential. Taxually offers a comprehensive IOSS service to assist with IOSS and other VAT compliance needs.
Source Taxually
