VAT is the VERY FORMAL Sales tax in about 150 countries.
Mistakes can result in loss of VAT OR Import VAT refunds which will reduce your profit margins for activities abroad (exports, trade shows, events etc.)
Here is your VAT checklist for talking to INSATAX (toll free 1-866-332-4777).
- Do we need a VAT ID number in Europe?
- Do we need a VAT ID number in each European VAT country?
- Do we need a VAT ID number in any non-European VAT countries?
- Is it necessary to register for VAT in advance regarding events in a VAT country?
- Do we have to issue VAT invoices for sales in VAT countries?
- What filings have to be done for VAT and statistics after registration?
- What do we have to do to comply with REVERSE charge rules?
VAT rates are often more than 20% depending on the country. Formalities are clear cut to avoid VAT or Import VAT losses.