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UPS selects PwC to help Malaysia businesses fulfill new VAT requirements on EU Imports

ups-selects-pwc-to-help-malaysia-businesses-fulfill-new-vat-requirements-on-eu-imports

Kuala Lumpur — The European Union has introduced new rules governing the value-added tax (VAT) applied to cross-border e-commerce sales. These changes, effective July 1, 2021, include the removal of the VAT exemption on imported goods into the EU with a value up to €22.

A special scheme for distance sales of low-value goods imported from third countries or territories into the EU has also been introduced.

The Import One Stop Shop (IOSS) is an online portal that simplifies the declaration and payment of VAT for e-commerce sales of goods valued up to €150 imported into the EU. The IOSS improves the customer experience by charging the buyer at the time of purchase, avoiding unexpected costs or delays due to customs clearance at the time of delivery.

Under the IOSS program, e-commerce businesses will provide an IOSS VAT identification number to the carrier, who will then submit it to customs authorities, ensuring the goods will not be assessed for VAT when they arrive in the EU.

Businesses not established in the EU or in a country without a VAT mutual assistance agreement will need to appoint an intermediary to use this import program.

UPS has selected tax consultant PwC to offer intermediary and compliance services to eligible UPS customers at a discounted rate.

As part of this agreement, customers will receive assistance with IOSS registration and submission of IOSS returns, monthly information on VAT payments and relevant updates that may affect their business.

“Supporting our customers in over 220 countries and territories around the globe and empowering them to compete at an international level – while offering an outstanding customer experience – is key for us,” said Stuart Lund, vice president for international package customs brokerage at UPS.

“We encourage businesses outside the EU to make use of this service so they can continue to offer a transparent and seamless buying experience to their EU-based customers.”

UPS e-commerce customers based outside the EU can register for PwC IOSS intermediary and compliance assistance on the PwC.be website.

To learn more about the changes to VAT in the EU and how they affect businesses and consumers, visit UPS.com.

*PwC Business Advisory Services BV. The performance of the services by PwC will be subject to a client acceptance procedure and necessary independence approvals and clearance. The word “client” throughout this text refers to UPS customers which choose to work with PwC and which pass PwC’s client acceptance procedure.

About UPS

UPS (NYSE: UPS) is one of the world’s largest package delivery companies with 2020 revenue of $84.6 billion, and provides a broad range of integrated logistics solutions for customers in more than 220 countries and territories. The company’s more than 540,000 employees embrace a strategy that is simply stated and powerfully executed: Customer First. People Led. Innovation Driven.

UPS is committed to reducing its impact on the environment and supporting the communities we serve around the world. UPS also takes a strong and unwavering stance in support of diversity, equality, and inclusion. The company can be found on the Internet at www.ups.com, with more information at about.ups.com and www.investors.ups.com.

Post by — DG

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