What does VAT stand for?
Value added tax is a type of consumption tax that is placed on a product whenever value is added at a stage of production and at the point of retail sale
When should I register for VAT?
International transactions can cause the need to register with the tax authorities in a foreign country. There are various scenarios that would trigger an obligation to register for VAT. Some of the most common examples:
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Holding inventory for sale, distribution or consignment
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E-commerce sellers, subject to Distance Selling VAT registration thresholds
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Buying, acquiring and importing goods
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Organising events where attendees must pay admission fee
How long does the VAT registration process take in the EU countries?
A VAT application form need to be completed and submitted to the Tax Authority together with the required documents. After 4 to 8 weeks you will be provided with a VAT number.
What happens if I don’t file my return on time?
Businesses must ensure that they submit VAT returns and make payments on time, otherwise they may be subject to penalties and interests. The scope of the surcharges is legislated on national level.