26 October 2021
France has announced that from January 2022, it will drop all requirements for businesses to use reverse charge import VAT accounting in the country.
Currently, VAT registered businesses that want to use this mechanism must make an application to the French tax authorities to be accepted. If successful, it will allow them to report import VAT in their VAT returns rather than physically paying and reclaiming this from the tax authorities, which presents a cashflow advantage for businesses.
France hope that by dropping the application process, it will allow businesses to take advantage of this simplification and improve their cashflow while saving on shipping costs relating to the import VAT payments.
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