For Subscribers

Tech Buzz 10/03

How the Value-Added Tax affects your tech purchases; a new OS for Macs

By Amanda C. Kooser

Opinions expressed by Entrepreneur contributors are their own.

VAT Facts
It's official: The Value Added Tax (VAT) required for purchasesmade in the European Union (EU) now extends to non-EU companies.The VAT, which ranges from 15 to 25 percent, depending on theproduct and country the customer resides in, represents asubstantial amount. If you have online business customers overseas,you'll have to collect the VAT for digital sales. That includessoftware downloads, paid content, online auctions, e-books, Webhosting and other electronic services. Details on enforcement aresketchy, but there are potential monetary fines for late VATpayments or nonregistration.

Fortunately, entrepreneurs don't have to register with eachEU member state--only one is required. The UK Customs sitesimplifies the process by allowing you to sign up online athttps://secure.hmce.gov.uk/ecom/voes if you choose theUK. Visit the EU's VAT site at www.eurunion.org/legislat/vatweb.htm for more on whois required to register and what items are covered by the newlaw.

Continue reading this article — and all of our other premium content with Entrepreneur+

For just $5, you can get unlimited access to all Entrepreneur’s premium content. You’ll find:

  • Digestible insight on how to be a better entrepreneur and leader
  • Lessons for starting and growing a business from our expert network of CEOs and founders
  • Meaningful content to help you make sharper decisions
  • Business and life hacks to help you stay ahead of the curve

Related Topics

Editor's Pick

Have More Responsibilities at Work, But No Pay Bump? Use This Script to Get the Raise You Deserve.
Black and Asian Founders Face Opposition at All Levels — Here's Why That Has to Change
Business News

'This Made Me Physically Recoil From My Phone': Lingerie Brand Apologizes For 'Creepy' Ad Referencing Ryan Reynolds and Bras

Online lingerie retailer Harper Wilde is under fire for a bizarre sponsored post it has since pulled from Instagram.

Thought Leaders

5 Small Daily Habits Self-Made Millionaires Use to Grow Their Wealth

We've all seen what self-made millionaires look like on TV, but it's a lot more subtle than that. Brian Tracy researched what small daily habits these successful entrepreneurs adopted on their journey from rags to riches.

Business News

Viral Sensation 'Popcorn Guy' Has Earned a Gig at the 2023 Oscars

Jason Grosboll first went viral on TikTok for his theatrical method of buttering popcorn in a Texas movie theater.