European Commission Release Customs Guidance Notes for IOSS

Russell Hughes

January 29, 2020

The European Commission has released some Customs Guidance Notes in readiness for the implementation of the Import One Stop Shop (IOSS) due to commence on 1 July 2021. This guidance complements the VAT Explanatory Notes on the importation and returning of low-value e-commerce goods that were issued back in October 2020.

The guidance offers clarifications and practical examples on import formalities for low-value consignments and the collection of VAT. It details how VAT is collected through the IOSS scheme and other special arrangements as well as providing guidance on export and re-export formalities for low-value consignments and invalidation of the customs declaration.

For further information on how your business may be affected by the introduction of IOSS, please contact one of our VAT experts.

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Author

Russell Hughes

At Sovos, Russell works within the Consulting team providing UK and cross-border supply advice, detailed reviews on existing and new business activities and practical solutions to clients’ businesses. Prior to joining Sovos, Russell was the VAT manager of an award-winning tax team based in a firm of Chartered Accountants in the South East of England. Having initially begun his career in audit and accounts, he specialized in VAT in 2011, where he gained significant experience in cross-border issues, imports and exports, land and property, group registrations, partial exemption, HMRC enquiries and other complex VAT transactions. From June 2015, Russell was the sole VAT specialist in his previous company, where he led the firm’s VAT compliance and consultancy projects including all day-to-day VAT queries. Russell is also a member of the VAT Practitioners Group (VPG).

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