It is true that the IOSS registration by suppliers is not mandatory, however, the use of the IOSS has a number of benefits for suppliers and consumers that can be time-saving from a compliance perspective and also avoid financial surprises. In today’s post, we will present the benefits for suppliers and consumers.
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READ MORE: De-Registration from the IOSS
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Benefits for Suppliers and Consumers
A supplier will be in a position to:
- Register in one Member State for all supplies within the scope of the IOSS made across the EU.
- Report and remit all import VAT, within the scope of the IOSS, due across the EU in one monthly return.
- Charge VAT at the applicable rate at the point of sale to a consumer, with the result that goods will proceed through customs without the need for VAT to be paid at the point of importation.
Where the IOSS is used, consumers will pay import VAT due at the point of sale and avoid further tax or customs charges at delivery of the goods.
In case businesses opt to register for IOSS, they will not need to get a VAT registration number where their final consumers are based, a single IM number will solve the problem. If a company has customers based in 27 different EU countries, it’s mandatory to be tax registered in all the 27 member states. From a time and financial management perspective, it will come in handy for you and your business.
Choose My Duty Collect to be your IOSS intermediary and make sure to take advantage of the benefits of being registered for the IOSS. Subscribe to our blog and visit our website and LinkedIn page for more updates. You can also reach out to us by sending a message to info@mydutycollect.com. We will be delighted to hear from you.
