Brussels: New figures from Member States reveal that more than £33 billion in VAT revenues were collected in 2024 via the EU’s e-commerce VAT systems. This significant collection indicates that the 2021 reforms are effectively simplifying compliance, supporting businesses, and ensuring fairer taxation.
According to Cyprus News Agency, the European Commission highlighted that the One Stop Shop (OSS) and Import One Stop Shop (IOSS) facilitate businesses by allowing them to declare and remit VAT for cross-border sales of goods and services within the EU through a single registration in one Member State. This system also applies to imports of low-value goods.
The figures released today confirm that businesses are leveraging these simplifications to reduce red tape and compliance costs while ensuring effective VAT collection. The European Commission’s press release underscores the success of these systems in easing the VAT process for businesses and enhancing revenue collection efficiency.