- EU Tax Authorities are paying more attention to One Stop Shop (OSS) VAT Returns and have been excluding companies from the optional scheme for various reasons.
- The returns must contain details of supplies made to customers in each Member State of consumption by the taxable person.
- There are exemptions for taxable persons who have not submitted VAT returns or paid VAT for three preceding return periods.
- The OSS VAT returns must be submitted quarterly according to a set schedule.
- Two case studies are presented to demonstrate the consequences of non-compliance with the scheme.
- The implementation of the Central Electronic System of Payment Information (CESOP) will increase the information available from EU Tax Authorities.
Source Sovos
