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UPS and PwC offer one stop import shop

[ July 12, 2021   //   ]

UPS is offering an online Import One Stop Shop (IOSS) to simplify VAT for e-commerce imports valued at up to €150 into the EU, in partnership with tax consultant PwC.
The European Union introduced new VAT rules for cross-border e-commerce sales on 1 July 1including the removal of the VAT exemption for goods worth up to €22. A special scheme for distance sales of low-value goods imported from third countries or territories into the EU has also been introduced.
The IOSS charges the buyer at the time of purchase, avoiding unexpected costs or delays due to customs clearance.
Businesses will also provide an IOSS VAT identification number to the carrier which will then submit it to customs authorities, ensuring the goods will not be assessed for VAT when they arrive in the EU. Businesses not established in the EU or in a country without a VAT mutual assistance agreement will need to appoint an intermediary to use this import program.
As part of this agreement, customers will receive assistance with IOSS registration and submission of IOSS returns from PwC.