The European Union’s Value Added Tax (VAT) has undergone a change as of July 1, 2021. Originally intended to go into effect on January 1, 2021. The new rules were postponed until this month as a result of the COVID-19 pandemic.
If your business is in e-commerce and operates globally, we strongly recommend examining these changes and ensuring systems are put in place for compliance. The updates are expected to significantly alter the way VAT operates, specifically in how Business-to-Consumer (B2C) e-commerce activities work in the EU.
Our fellow Leading Edge Alliance (LEA) firm, RBK, has written an excellent article that dives more into the details. Click here to read the full piece.