The European Union is making sweeping updates to how retailers need to calculate Value-Added Tax (VAT) when selling goods into its member countries, effective July 1, 2021. This broadly extends a 2015 VAT change for cross-border sales of digital, telco and broadcast services to include ecommerce goods. While the EU pushed out the compliance deadline from Jan. 1, 2021 due to COVID-19, retailers need to be thinking and planning now about how to react to the major changes. Peter Boerhof, EU VAT director for Vertex, explains the various changes and their significance, the impact for companies selling goods into Europe and what they need to do to prepare.
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