The European Union (EU) has introduced new changes to low value goods imports, requiring businesses to collect tax at the time of sale on sales below 150 euro. This applies to eCommerce businesses outside of the EU and is part of a new program called Import One Stop Shop (IOSS). The IOSS allows suppliers selling goods meeting certain conditions to report and pay VAT on shipments not exceeding €150. However, direct IOSS registration can be difficult, costly, and time-consuming for eCommerce shops with limited volume to the EU. In this article, we explore two reasonable options for IOSS and VAT compliance: KPMG and Taxamo Assure. The IOSS Program Explanation of the Import One Stop Shop (IOSS) program and how it works The Import One Stop Shop (IOSS) is a new regime introduced by the European Union (EU) from 1 July 2021 for the declaration and payment of VAT on distance…
