6-Digit HS Codes Mandated for Cross-Border Postal Customs: The Next Digital Disruption
Digitalization has revolutionized various industries, including mail services, e-commerce, and logistics. One significant area of transformation in cross-border eCommerce is the adoption of Electronic Advanced Data (EAD) by customs and tax authorities for digital customs procedures. In this blog post, we delve into the recent development of mandating 6-digit Harmonized System (HS) tariff codes for […]
VAT Changes in May 2023 and Beyond: What You Need to Know
The year 2023 brings significant changes to the global VAT landscape, with several countries implementing new regulations and adjustments to their tax systems. From VAT rate modifications to the adoption of electronic invoicing, these changes will have implications for businesses and consumers worldwide. In this blog post, we will explore some of the noteworthy VAT […]
Can Businesses Still Get Registered for IOSS?
Yes, businesses can still get registered for IOSS. Considering that the 1st of July was not a deadline but when the system went live, businesses are still eligible to get registered for the IOSS under the scheme that best suits them. Check out below the rules to get your business in line with the new […]
Understanding Free Trade Agreements and Their Impact on eCommerce Compliance
Free trade agreements (FTAs) are an important aspect of international commerce, as they aim to reduce barriers to trade and promote economic growth by eliminating tariffs and non-tariff barriers between countries. In recent years, the rise of eCommerce has made it easier than ever for businesses to participate in cross-border trade, and free trade agreements […]
Shipping to the EU: Compliance Requirements and Best Practices
For many businesses, exporting goods to the European Union (EU) presents a profitable economic opportunity, however, there are a number of compliance standards and requirements that must be adhered to. This blog article will discuss compliance standards and shipping recommendations to the EU. –READ MORE: Get Ready for Import Control System 2 (ICS2)– 1- Understand […]
How Digitalization is Transforming Customs
The safe and legal flow of commodities across borders is made possible by customs, which is a crucial part of global trade. Digitalization has drastically changed the way businesses and governments handle the flow of goods in recent years, including customs procedures. Here are 5 ways that digitization is transforming the customs landscape. –READ MORE: […]
IOSS – Claiming VAT Refunds on Returned Goods
For businesses that operate internationally, claiming VAT refunds can be a complicated and time-consuming process, especially when it comes to returned goods. Fortunately, the introduction of the Import One-Stop Shop (IOSS) in the European Union (EU) has made the process much simpler. In this blog post, we will take a closer look at how IOSS […]
IOSS – Overpayments of VAT
Since the IOSS submissions started, many questions have been raised about overpayments of VAT and how the EU tax authorities will manage to administer overpayments. In today’s post, we will talk about how to identify and what to do in case of overpayments of VAT, following the instructions published by the European Commission in the […]
IOSS – Exchange Rate
Since My Duty Collect started submitting monthly VAT returns to the IOSS authorities, some questions have been raised regarding the exchange rate applied to transactions that require a currency conversion. Considering that the IOSS rules apply mostly to companies based outside the European Union, this topic can be of interest to those that submit monthly […]
What About the IOSS-Related Penalties?
Now that the IOSS system is live since July 2021, companies that have received their IM number need to make sure submissions are made on time and accurately. Why? In this post, you will find out what the main IOSS-related penalties for non-compliant companies are. Check them out here. –READ MORE: Union and Non-Union Schemes for […]