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EU VAT Support: Now Live
Each member of the European Union is required to adopt a value added tax that complies with the EU VAT code. It is mandatory for companies in the European Union to charge VAT on products they sell. Thus, EU VAT support has been one of the most widely requested features and has also been a high-priority item on our list. After a meticulous effort put in by our team, this feature will go LIVE on March 28th, 2016.
Read on to know more:
Read on to know more:
Rules for charging VAT:
When the seller is within the EU & the buyer (receiving business/end-consumer) is in:
- Same country - VAT is to be charged at the local country's VAT rates
- Another EU country and has a valid VAT ID - No VAT is to be charged
- Another EU country but does not have a valid VAT ID - VAT is to be charged at VAT rates of the buyer's country
- Outside EU - No VAT is to be charged
- Based in the EU and has a valid VAT ID - No VAT is to be charged. (Reverse-charge mechanism is to be followed.)
- Based in the EU but does not have a valid VAT ID - Must charge VAT in the EU country where the buyer belongs
Impact
- This feature will be switched off by default so that you can make necessary changes at your end before we activate it in a couple of weeks at our end. Once you have completed communicating the changes to your sub-resellers and/or customers, you may switch this on
- If you belong to one of the countries which are a part of the EU VAT applicable zone, you will be levied a charge by ResellerClub automatically on products where it is applicable - if you do not fill in your valid VAT ID on your reseller profile.This charge will be applied only on transactions starting 28 March 2016
- The required changes for Supersite and API users are documented here.
- If this is applicable to you, and if you have a valid VAT ID please ensure that you update your EU VAT ID on your reseller profile before the above date
System Updates
The following updates will be made in the system 28th March, 2016 onwards:
1. Customer sign-up forms (Supersite & ExpressCart)
From the buyer's POV:
As part of the EU Vat integration, we will be making some changes to the CSV Data Reports in the control panel to include this information. The reports that will be changed is documented here.
1. Customer sign-up forms (Supersite & ExpressCart)
- Determining whether VAT is to be applied for a customer
- Verification of VAT IDs
- Based on the customer's stored details –VAT ID & country–and the VAT rate rules documented earlier, show the coresponding VAT % that will be applied
- The invoices will be enhanced to include the following: Supplier's VAT ID, Buyer's VAT ID and VAT amount that is charged on the orders
- A VAT management panel will be added in the TAX settings
From the buyer's POV:
- VAT ID will be displayed and will be editable
- Add a VAT management panel in the TAX settings where VAT can be set for each of EU member countries. Also, by default populate the VAT values from the EU's published list
- Update all emails which show tax amounts to also show VAT amounts
As part of the EU Vat integration, we will be making some changes to the CSV Data Reports in the control panel to include this information. The reports that will be changed is documented here.
Set Your VAT IDs Today!
Log in to your control panel and enable EU VAT from the tax settings sections and enter your VAT ID in your reseller profile section.
Visit our knowledge-base to know more.
If you require more information about this email, please feel free to get in touch with us.
Regards,
Team ResellerClub
Regards,
Team ResellerClub
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