Confirm all european vat rules before importing goods into an EU State

Starting a new business venture inside of a vat enabled European State or country will only bear fruit should you confirm all european vat rules before importing goods into that EU State. This move

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will help you to legally exploit all avenues to ensure that your costs are kept at a minimum and therefore the problem of double taxation doesn’t eat into your profits.

Several EU countries have embraced vat or value added tax over the past decade so that trading between such countries proceeds on a common platform. Countries such as the UK, Spain, Greece, Italy, Germany, France, Poland, Netherlands, Sweden, and Hungary, among others have adapted vat and most countries have also moved to one common currency, i.e. the Euro. This move has facilitated smoother trading between these countries and if you would like to begin a business in an EU country which has changed to vat then appropriate knowledge of eu vat rules is required to keep a decent leash on your costs.

Any goods or services that you import into your country will attract customs or excise duties or even import vat, dependant on its classification. To be able to charge vat to the customers, you will also have to turn into a vat registered dealer, which can be done once you cross the vat threshold in taxable sales. You can now come up with a vat invoice inside your country and charge the applicable vat rates to the customers. Additionally, you will have to file regular vat returns determined by your sales and purchases.

However, if you are located in any european country that follows vat system and also have imported goods into your country where vat was already paid in the original country or have used services in a country where vat may be paid you’ll be able to reclaim the vat amount. You are able to claim vat amount on goods where vat has already been paid by applying for your vat refund inside the original country. In case you or your workers have attended trade events or paid vat on any other services in another country, then you can still apply for a vat reclaim to recuperate the quantity of vat paid.

The eu vat rates various eu countries range between 15 to 25%, while special vat rates on certain goods and services vary from 1 to 6%. There’s also certain goods that are vat exempt. These rates can make a huge difference in your product costs and when you can recover any tax which has already been paid this can easily make a positive influence on your business bottom-line. An experienced and trusted vat agent can surely help you out. You should seek out a broker that only takes fees or commissions from vat amounts recovered instead of charging a set fee.

Many countries in Europe have opted for a uniform tax system on products or services, which is good news if you plan to start a new business in that country. Your costing process becomes simpler and you’ll surely be able to recover vat amounts which may have already been charged previously. However, you need to surely confirm all european vat rules before importing goods into an EU State so as to defend your fledgling business from any financial shocks.