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What is IOSS?
All 27 member states of the European Union began implementing the new VAT system, Import One Stop Shop, or IOSS, on July 1, 2021.
IOSS is a streamlined VAT reporting approach in which a single VAT number is registered and used to record sales for all EU member states. This new model only applies to sales when the total value of transported products is less than 150 euros.
During the customs declaration procedure, the whole amount as well as the invoice and IOSS identification number must be submitted. This will enable your cargo to be free from VAT throughout the import procedure, thereby accelerating processing and shipping timelines.
Then, you must declare this import VAT amount at the time of your VAT return filing.
Here are 3 Simple Steps to Get Started with IOSS
STEP 1
STEP 2
STEP 3
IMPORT ONE-STOP SHOP FREQUENTLY ASKED QUESTIONS
What is IOSS ?
How can I Register for IOSS ?
What are the Advantages of IOSS ?
What IOSS Changed on 1st of July 2021 for Online Sellers ?
Do I need to Pay VAT on ALL imports ?
What Product Shipments does IOSS apply to ?
What Online Sellers need to do when Using IOSS
What is the 150EUR Threshold on IOSS ?
The IOSS enables suppliers and electronic interfaces selling imported goods to EU consumers to collect, declare, and pay the VAT to the tax authorities rather than the buyer paying the VAT at the time the items are imported into the EU (for products over 22 EUR).
What if my Shipment value Exceeds 150EUR ?
For more information on IOSS, please visit the EU Taxation and Customs Union web site, or contact us for consultation.
Starting on April 1, 2021, businesses may register on the IOSS portal of any EU member state. In order to fulfill their VAT duties under IOSS, non-EU-based enterprises are typically required to work with an intermediary situated in the EU. The IOSS registration is valid for any imports sold to EU consumers.
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