UPS teams up with PwC to assist customers for VAT requirements on EU imports
United Parcel Service (UPS), US-headquartered multinational shipping and receiving and supply chain management company, has selected tax consultant PwC to provide Import One Stop Shop (IOSS) intermediary and compliance services to customers at a discounted rate.
Recently, the European Union released new rules for value-added tax (VAT) for cross-border e-commerce sales. Since July 1, the VAT exemption on imported goods into the EU with a value up to €22 has been removed. EU has also introduced a special scheme for distance sales of low-value goods imported from third countries or territories.
The IOSS is an online platform that simplifies the declaration and payment of VAT for e-commerce sales of products imported into the EU with a value up to €22. The IOSS helps improve the customer experience by charging the buyer at the time of purchase to prevent unexpected costs or delay due to customs clearance at the time of delivery.
“Under the IOSS program, e-commerce businesses will provide an IOSS VAT identification number to the carrier, who will then submit it to customs authorities, ensuring the goods will not be assessed for VAT when they arrive in the EU. Businesses not established in the EU or in a country without a VAT mutual assistance agreement will need to appoint an intermediary to use this import program,” UPS explained in a statement.
Through the partnership of UPS and PwC, customers will be able to receive assistance with IOSS registration and submission of IOSS returns, monthly information on VAT payments, and other updates related to their business.
In a statement, UPS Vice President for International Package Customs Brokerage Stuart Lund said, “Supporting our customers in over 220 countries and territories around the globe and empowering them to compete at an international level – while offering an outstanding customer experience – is key for us. We encourage businesses outside the EU to make use of this service so they can continue to offer a transparent and seamless buying experience to their EU-based customers.”
To register for PwC IOSS intermediary and compliance assistance, log on to PwC.be. To know more about EU’s new rules on VAT, visit UPS.com.
Photo from UPS
Also read: UPS applauds women leaders in Cebu manufacturing industry
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