Notification and registration of shipments in the EU
August 23, 2021
EU regulatory change extends the successful import one stop shop (IOSS) system introduced for long distance sales with a value of less than €150
Pre-registration for both OSS and IOSS opened in the EU on April 1, 2021. IOSS registration is optional. Opting for IOSS registration provides a much better customer experience.
Registration will bring with it the obligation for retailers to submit a return for both OSS (quarterly) and IOSS (monthly) to the EU tax authorities where VAT is due. Simplification for businesses means a single registration and a single VAT return.
In addition, it will be necessary to store transaction data, as tax authorities may ask to see records of the details of each transaction linked to a specific seller in the marketplace.
These VAT reporting obligations for Ecommerce, Marketplace and online retailers can be easily met by applying technology to determine the correct VAT treatment of sales of goods at the time of purchase.
CBIT can help you execute your IOSS entries and comply with the new regulations without having to manage a complicated pricing structure and evasive integrations.
Simply sign up and let Crossborderit take care of the rest.