4/10/2023 0 Comments Postbox definition![]() ![]() Customers know how much the total cost will be at the time of purchase, rather than receiving two separate bills.One account covers import VAT for all EU member states, rather than having to register for VAT in each country separately.The IOSS system aims to reduce confusion and processing times for goods imported into the EU, and some of the leading benefits are: However, it's important to understand that the IOSS system has specifically been developed to make this process easier, and by not signing up you could be losing out on benefits for you and your customers. Using the IOSS system is not mandatory, and if you choose not to register, VAT will be applied to imports at the time they're processed through customs rather than being paid at the time of a sale. You have the option to register for VAT in the countries you'll be sending goods to, or opting to use the Union OSS system, which is similar to the IOSS but is intended for online goods being moved between EU countries. If you hold goods in any EU country and you're importing goods to other EU states, you can handle VAT payments through alternative means. Marketplaces may request that you provide additional information to support this process, such as providing your unique IOSS number. Online marketplaces such as Amazon or eBay are considered as ‘deemed sellers’, which means they are responsible for accounting for and charging VAT, but this doesn’t necessarily mean there’s nothing for you to do. It allows online sellers to declare when VAT has been paid, the amount, and which EU country the VAT is being paid to. The IOSS system is primarily for e-commerce stores who are selling goods from outside the EU to EU countries, such as someone based in the UK selling to customers in Spain. Online sellers can register for the IOSS and use the portal to charge and declare VAT paid for all EU country destinations. The IOSS system allows for VAT to be paid on goods at checkout rather than after they’ve been processed through customs. As of July 1st 2021, all goods sold to the EU are subject to VAT, and all consignments up to a value of 150 EUROS can be processed through the IOSS. The Import One Stop Ship (IOSS) is an electronic system designed to improve the process in which VAT is paid on goods being sold to the EU.
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