July Changes are around the corner and all businesses should get updated on what is changing and all of their available options.
In general, businesses that are involved in the following transactions will be affected by the upcoming changes:
The Mini One Stop Shop (MOSS)
The Mini One Stop Shop was introduced on Jan 1st, 2015 and allows taxable persons supplying TBE services (telecommunications, broadcasting, and electronic) to non-taxable persons in Member states in which they do not have an establishment to account for VAT. This is done via a web-portal and it allows these businesses to avoid having to register for VAT in each Member State in which they offer their services.
The new One Stop Shop will be extended to all B2C services and it will also apply to all distance sales of goods within the EU and to certain domestic supplies of goods facilitated by online marketplaces.
At the same time, a new Import One Stop Shop will be created that will be applicable to all distance sales of low-value goods imported from outside the EU.
Businesses selling goods and services within the EU will have a lot to gain from the new OSS scheme.
The top advantages are:
All businesses must hurry in order to get ahead of the new VAT changes and reduce any impact on their flow of goods and services. GVC can help you register for the OSS. Click below to contact our VAT experts for further advice