As of today, we have successfully managed to register a large number of companies from all around the world for the IOSS system. As part of the intermediary role, we also need to support and coordinate VAT submissions on a monthly basis and make sure no companies have problems regarding their VAT status. Check out more details of our first IOSS submissions below.
–
READ MORE: My Duty Collect is Now an IOSS Intermediary
–
August marked the first IOSS submissions month and we accomplished filing our customers’ returns. Although some questions have been raised, the structure of the submissions has been established and implemented for the upcoming months. The main steps of the submission process follow:
- Customers send a file or submit information through the intermediary’s system detailing their VAT-related sales of a specific taxable period;
- The intermediary company analyzes the numbers and prepares submissions;
- Submissions are made through the Revenue portal by the intermediary company;
- Revenue assesses submissions and sends feedback;
- Once approved, a submission confirmation is sent to customers by the intermediary company.
We have created a small Q&A based on the topics we believe are important for customers to know regarding the IOSS submissions.
How does the IOSS submissions system work?
It depends on each EU member state. In Ireland, the IOSS portal is administered by Revenue, the local tax authority. Once in the portal, users have options for all the 27 EU countries and their corresponding VAT rates, both standard and reduced. Users need to report the tax amounts per country made in that specific taxable period.
Do companies have access to the Revenue portal?
No. This is part of the intermediary’s role. Depending on the intermediary’s modus operandi, companies have to report their VAT-related sales either through a system, a document or both and then the intermediary will be able to file their VAT on the Revenue portal. My Duty Collect has implemented the document report format and soon will include the system to help coordinate the filings.
Do companies get a receipt after submissions are completed?
Yes. Our accounting team is in charge of confirming submissions on a monthly basis. A receipt is sent to customers individually and directly by email.
What happens if the payment is not made?
If the taxable person/intermediary either fails to make a payment or does not pay the full amount, the Member State of identification shall send a reminder electronically on the tenth day following the day on which the payment was due.
As previously shared here, companies will be notified regarding their submission failures. If it happens 3 consecutive times, they will be removed from the IOSS scheme and will not be allowed to do business with any final consumers in the EU for the current calendar year plus two following years.
If you are interested in getting registered for IOSS, there’s still time. You can also reach out by sending a message to info@mydutycollect.com if you have any further questions. You can also subscribe to our blog and visit our website and LinkedIn page for more updates. We will be delighted to hear from you.
