About IOSS, there are still a lot of sellers who are in a state of confusion. Recently received a number of sellers inquiries, for sellers to organize a wave of dry goods science, today an exposition, IOSS policy interpretation!
What is IOSS?
IOSS English: The Import One-Stop Shop, Chinese:一站式進口服務. IOSS is meant to simplify VAT reporting and payment for goods sold over long distances by sellers from non-European Union countries or regions.
From July 1, 2021, the EU will implement a tax reform package whereby the VAT exemption for goods imported outside the EU up to a maximum of €22 will be abolished, so that henceforth all goods imported into the EU will be subject to VAT.
Which sellers need to register with IOSS?
If the seller is an independent or self-built site, and the price of the consignment does not exceed €150, then the seller needs to register with IOSS to facilitate the fulfillment of their VAT e-commerce obligations.
In the case of e-commerce platform sellers, the seller needs to obtain the IOSS number and information from the platform.
What does IOSS do?
Sellers with the IOSS identification code, small parcels of goods with a value of less than 150 euros or less, when imported into the European Union can enjoy the fast-track customs clearance, you can pass through any one of the EU countries to clear all the EU goods and fast delivery, and you can pass through the EU countries to declare all the EU's imports of VAT.
On the contrary, if the seller does not have the IOSS identification code, the logistics clearance and distribution will be very troublesome, the logistics cost is not only very high, but also the time will be very slow.
IOSS Advantage
1. Rapid customs clearance
2. Simplified Logistics
3. Price transparency
4. Reducing compliance burden
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Frequently Asked Questions
Ask
Do I need to register VAT in order to apply IOSS?
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No, you can apply for IOSS without registering VAT. VAT and IOSS are each applicable to different types of transactions.
Ask
Can IOSS of different companies be shared? Can I give Amazon IOSS number to independent websites?
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One company corresponds to one IOSS number. If you mix the IOSS numbers, first of all, you will not be able to pass the customs clearance, and secondly, you will not be able to match the data when filing the tax return, which needs to be provided together with the customs clearance documents. If the information does not match, you may be subject to a tax audit. It is irregular to use Amazon's IOSS number for independent websites.
Ask
Do I need to register more than one IOSS to run multiple self-built sites?
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If one company operates multiple self-built sites, only one IOSS number is required, if there are multiple companies, one IOSS number is required for each company.
Ask
Does IOSS need to report monthly?
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Yes, once a month, import VAT for goods with a value of less than €150 is declared.
Ask
Do I need to register for VAT after registering for IOSS?
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After July 1, 2021, the low value exemption policy will be abolished and all goods imported into the EU will be subject to import VAT at customs.
The registration of IOSS is mainly for fast customs clearance of goods not exceeding €150, while if you cannot provide IOSS for customs clearance, you can follow the existing way of customs clearance. If the value of the shipment is more than €150, it is recommended to register VAT for customs clearance.
To summarize, IOSS-related issues should not be handled rashly, and if you are not clear about the related policies, please look for the Green Circle!
For EPR compliance registration in Europe, look no further than Green Circle!
For European VAT self-declaration, look for Green Circle!
Quickly place your number and report with one click!
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