By Linda Spencer
U.S. suppliers selling over the internet to European consumers need to comply with new regulations regarding the collection, reporting and payment of value-added taxes (VAT). Starting this summer, sellers located outside the European Union (EU) and shipping orders to consumers located in any of the 27 EU states are required to collect and pay VAT taxes through a new platform known as the Import-One-Stop-Shop (IOSS). These new requirements cover all individual sales of up to €150 (approximately $178 USD) but do not include sales overseas suppliers make through third-party platforms, such as Amazon.
For more information, read the SEMA News article: ”European Union Sets New Online Sales Requirements for Overseas Suppliers.”