VACUE
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VAT Tax is of critical importance for companies who trade in Europe. VAT tax needs to be paid by traders depending in which, or with which European countries they deal with. VAT tax rates vary from one country to another, and despite the fact that there is the VAT Directive, each country can set a specific VAT tax rate independently, as long as it is higher than the standard of 15%. VAT tax gets calculated on the value of products and services. The seller will need to establish the selling price for the particular product or service, and then multiply it by the applicable VAT rate so as to achieve the actual selling price that the buyer will eventually be paying. The VAT part of the price will then be given to the VAT authority of the particular country. Therefore, for a business to engage in importing and/or exporting activities with one or more European countries, it is a must to be VAT registered. To register for VAT there is a process that needs to be completed and this varies from one country to another as well. An application form will need to be completed and submitted along with the required paperwork and documents. Thereafter the VAT authority of that country will proceed to assign a VAT number to the business.

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