EU Revenue from Import VAT Collection Scheme Hits €6.3 Billion

The European Union collected €6.3 billion ($7.4 billion) via its platform for imports last year, according to the European Commission.

In a Wednesday release, the commission said its Import One-Stop-Shop platform, or IOSS, collected more than 62% more revenue than the year before, and grew its users by 6% to 12,799.

The platform allows companies to register in one EU country to declare and pay VAT. The platform’s appeal “is clearly evident as more businesses opt to use these schemes to declare and remit the VAT due on their eligible supplies to consumers in the ...