News
Implementing IOSS for VAT prepayment for orders shipped to the European Union
What is IOSS?
The Import One-Stop Shop (IOSS) is a special scheme introduced by the European Union (EU) to simplify the collection, declaration, and payment of Value-Added Tax (VAT) for goods imported into the EU. It is designed to make the process of importing goods more efficient for both businesses and consumers, ensuring compliance with new VAT regulations that came into effect on 1st July, 2021.
What orders are IOSS applicable to?
IOSS applies to Launch Lab and Launch Tabletop Shop orders shipped to the EU with an equivalent value of €150 or less (excluding shipping).
Why We Are Implementing IOSS
Launch Tabletop has a growing community of customers from the EU. With increased number of packages sent to the EU, we have gained a better understanding of the needs of EU customers, and the issues they encounter when importing packages into the EU.
IOSS provides the following benefits to EU-bound orders:
Transparent Pricing: The total cost, including VAT, will be clearly displayed at the point of purchase. This ensures our customers know exactly what they are paying for, with no unexpected charges upon delivery.
Faster Delivery: With VAT pre-paid, packages are less likely to be held up at customs, resulting in quicker delivery times and faster access to the purchased goods.
Reduced Additional Fees: By paying VAT upfront, customers can avoid additional handling fees or service charges often applied by couriers for processing VAT at delivery.
What if your order has a value above €150?
If your order is above €150, the IOSS system will not apply, and your order will go through the standard customs clearance process of the EU. Any applicable tax and customs duties will need to be paid by you upon importation.
What if your are a business and would like the VAT charged to your VAT number?
If you are purchasing as a business with a valid EU VAT number, please contact our team via support@launchtabletop.com before you place an order, so our team will know a reverse charge needs to be set up for your order.
If you have any questions about this release, please contact support@launchtabletop.com
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