What is an IOSS intermediary?
An IOSS (Import One-Stop Shop) intermediary, also known as an IOSS agent or intermediary, is a third-party service provider that assists businesses in fulfilling their VAT obligations under the IOSS scheme. The IOSS scheme is a simplified VAT arrangement introduced by the European Union (EU) for the collection and remittance of VAT on cross-border sales of goods from outside the EU to EU customers.
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If your company is located outside the EU, registration for the IOSS (Import One-Stop Shop) scheme can only be done through the assistance of an IOSS intermediary.
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How an IOSS intermediary can help with the IOSS?
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Registration Assistance: IOSS intermediaries help businesses with the registration process for the IOSS scheme. They gather the necessary information, prepare the required documentation, and submit the registration on behalf of the business to the relevant tax authorities.
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VAT Calculation and Collection: IOSS intermediaries assist businesses in accurately calculating the VAT amount for each cross-border sale to EU customers. They consider the appropriate VAT rates based on the destination country and ensure that the correct VAT is collected from customers during the sales process.
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Reporting and Payment: Intermediaries handle the preparation and submission of IOSS VAT returns on behalf of businesses. They compile the necessary transaction data, ensure accurate reporting, and calculate the VAT payable. They also facilitate the timely payment of VAT to the respective tax authorities.
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Record-Keeping: IOSS intermediaries assist businesses in maintaining proper records of their IOSS transactions and VAT-related documentation. This includes retaining invoices, proof of delivery, and other relevant records required for compliance purposes.
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Compliance Support: IOSS intermediaries provide guidance and support to businesses in navigating the IOSS rules and regulations. They stay updated with changes in VAT requirements, answer queries, provide clarifications, and help resolve any issues that may arise during the VAT compliance process.