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

Starting a new business 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 make sure that your costs are kept at a minimum and that the issue of double taxation doesn’t eat into your profits.

Several EU countries have embraced vat or vat over the past decade so that trading between such countries proceeds on a common platform. Countries like the UK, Spain, Greece, Italy, Germany, France, Poland, Netherlands, Sweden, and Hungary, amongst others have adapted vat and many countries have also shifted 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 a EU country which has changed to vat then appropriate comprehension of eu vat rules is required to keep a decent leash on your own costs.

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

However, if you are based in any european country that follows vat system and also have imported goods to your country where vat was already paid from the original country or 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 was already paid by applying for your vat refund inside the original country. In the event you or your employees have attended trade shows or paid vat on some other services overseas, then you can still file for a vat reclaim to recuperate the quantity of vat paid.

The european vat rates various eu countries range between 15 to 25%, while special vat rates on certain products or services range from 1 to 6%. There are also certain products which are vat exempt. These rates can make a huge difference in the product costs and if you are able to recover any tax which has already been paid this can make a positive impact on your business bottom-line. A professional and trusted vat agent can surely help you. You should look for an agent that only takes fees or commissions from vat amounts recovered instead of charging a flat fee.

Many countries in Europe have chose a uniform tax system on products or services, and this is good news if you plan to start a whole new business in such a country. Your costing process will become simpler and you’ll surely be able to recover vat amounts that have been charged previously. However, you should surely confirm all european vat rules before importing goods into an EU State in order to defend your fledgling business from the financial shocks.