OSS and IOSS Returns

Introduced in July 2021 the OSS and IOSS schemes can help businesses simplify their VAT obligations, reduce administrative costs, and improve compliance with EU VAT regulations. These systems are particularly beneficial for e-commerce businesses and digital service providers as they a seamless and efficient VAT process across the EU.
 

One Stop Shop (OSS) Returns

If a business is providing distance sales of goods (supplies of goods to a private customer based in another EU country where the supplier is responsible for the delivery) in excess of €10,000 per annum then rather than register for and charge local VAT in every EU country where they make these supplies, they can instead register in just one EU country and report the VAT due on these sales.

OSS returns are required once a quarter and must be filed on ROS in addition to your domestic Irish VAT returns once you are registered.

 

Import One Stop Shop (IOSS) Returns

VAT is due on all goods imported into the EU regardless of value. Prior to 01 July 2021 there had been relief for low-value goods worth less than €22.

The IOSS will allow businesses to report VAT on distance sales of low value goods imported from outside of the EU. Low-value goods are goods imported in consignments that do not exceed an intrinsic value of €150.

VAT on these sales must then be declared on a monthly IOSS return on ROS.

 

We can help

Your local TaxAssist Accountant can advise you on how to register for these schemes and assist you with preparing the returns and filing them on time with Revenue. Contact us today.

 

 

Date published 25 Jun 2024 | Last updated 25 Jun 2024

This article is intended to inform rather than advise and is based on legislation and practice at the time. Taxpayer’s circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this article, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.