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IOSS and new EU VAT rules explained
The Import One-Stop Shop (IOSS) provides an electronic portal created to centralise the declaration and payment of VAT for distance sales of imported goods (with a value not exceeding €150), making it easier, faster and simpler. The IOSS means the consumer/shopper is only charged once, at the time of purchase, so there are no surprise fees to pay when the goods are delivered. The VAT rate will be the one applicable in the EU Member State where the goods are to be delivered.
The new VAT rules will affect B2C consignments of standard goods (i.e. not subject to excise duties) imported into the EU and valued at €150 or less. It also means marketplaces will be responsible for charging and collecting VAT, acting as the deemed supplier for low-value consignments.
Geekvape Store COVER your IOSS cost!
