What is VAT? Why is it necessary?
Blog Content Why is VAT Registration Necessary in Europe? WHAT IS VAT REGISTRATION? Value Added Tax is the abbreviation of the word VAT, which
IOSS, which stands for Import One Stop Shop, is a portal where manufacturers, importing institutions and individuals can report and pay the Value Added Tax of the sales of the shipments imported to the European Union. The date entered into force on July 1, 2021. Before this date, goods up to 22 Euros were exempt from VAT. With the change made, VAT exemption has been eliminated and VAT payment will be made for every goods sent to the European Union. For the shipment of goods whose product price does not exceed 150 Euros, sellers can use the IOSS service to report and pay VAT. When IOSS is used, VAT is not paid when shipping products up to 150 Euros to the EU. VAT is paid by the buyer as part of the sale price of the product at the time of sale.
Companies and organizations that sell products to the end consumer, those who send products from countries outside the European Union to European Union Countries, and those who send products with a product amount less than 150 Euros should use IOSS.
Countries Included in the IOSS System: Austria, Belgium, Bulgaria, Croatia, Cyprus, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain and Sweden.
Every European Union Country has an IOSS registration system. Those enrolled in IOSS programs in countries are controlled by the local tax authorities of that state. After registering your company in the IOSS system, it is valid in all EU countries.
Blog Content Why is VAT Registration Necessary in Europe? WHAT IS VAT REGISTRATION? Value Added Tax is the abbreviation of the word VAT, which
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