Over 150,000 traders adopt single import VAT declaration
The latest data on the uptake of the 2021-introduced Import One-Stop Shop (‘IOSS’) reveals continued strong grow in number of sellers, retailer and marketplaces adopting in single return for import VAT. In 2023, a further 21,800 traders registered for IOSS, a 17% rise from 2023. They declared €26.3 billion in import VAT, up 35% from 2022.
More IOSS measures ahead
This success follows the recent agreement to introduce measures for 2028 incentivise IOSS adoption. There is also 2028 Customs reforms which includes withdrawing the €150 IOSS threshold
Benefits of IOSS
IOSS was introduced in July 2021 to support the ending of the €22 VAT exemption on small-value consignments. Benefits include:
- Simplifies VAT collection and payment
- Cuts administrative costs due to a single-entry system
- Streamlines processes for selling goods in the EU
- Ensures VAT compliance with EU regulations
- Enhances parcel oversight in the EU
- Curbs VAT fraud
- Ensures fair competition
