New EU VAT regulations for cross-border eCommerce will come into force from the 1st of July 2021. 🤯 Prepare your business for the transition!
Now, when it comes to taxes and eCommerce, things can get complicated.
That’s why we organized this LIVE interview with Virginijus Girnius, acting director at 1StopVAT, to help us clear all your doubts. Play it right away 👆
If you need assistance to open your IOSS number visit the 1StopVat website, they are going to help you and offer to all the Yakkyofy Customers free initial advice on VAT compliance. You just need to email them at email@example.com
🏆Also, Yakkyofy is going to help you out with the IOSS number, if you have one just insert it in the settings tag of your Yakkyofy account, if you don’t contact our assistance writing at firstname.lastname@example.org
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eCommerce EU VAT changes in 2021: OSS and IOSS
If you need to jump to a specific part of the video, know that the main questions and topics were:
- So if you sell in the EU, you need to pay VAT on your sales. How did it work for eCommerce till now? What were the rules before the 1st of July?
- Can you explain to us what is the so-called OSS and why was it introduced?
- So what are the advantages for those who choose to register?
- One of the questions that our clients ask is: Does a dropshipping business need to sign up for OSS?
- In order to register on the Portal, do I have to get a new VAT number or can I use the one I already have for my business?
- The IOSS regulations are coming into force from July. So what exactly is IOSS and why was it developed?
- It is my understanding that currently, signing up for this new platform is optional. So why should one sign up? What advantages would he or she get from it?
- What is the role of intermediaries in registering with OSS?
- Does anyone involve in dropshipping need to sign up for the new IOSS system?
- Up until now, goods with a declared value of up to 22 euros were not really scanned at customs, what will change now?
- The invoices I receive from China, do they have legal value?
- I bought some products from China but they didn’t give me an invoice. How can I deduct the cost?
- Do I have to invoice all the products I sell through e-commerce?
- Let’s say I reside in a European country, where I plan to keep on living, and I want to open a dropshipping store. Some advised me to open a company in a different country where there are lower taxes. Can I do that, without having trouble with taxes later?
- What if I reside in Italy, I have read that by opening a company in Great Britain and having the site servers in Great Britain, I would not have to pay taxes in Italy. It’s true?
- Ok, again, if my company is in Italy, for example, but I sell my products in Spain, do I have to add VAT?
- The last question: many are curious about how VAT should be calculated and added. Do we add it to the total or only to our costs?
- Q&A section