Value Added Tax Act 1994 section 12

IOSS scheme returns: further requirements

Section 12 sets out the currency, exchange rate and submission requirements for IOSS scheme returns.

  • IOSS scheme returns must be prepared in sterling.
  • Currency conversions must use European Central Bank exchange rates for the last day of the reporting period, or the next available published rate if none exists for that day.
  • Returns must be submitted by the end of the calendar month following the reporting period.
  • Returns must be submitted electronically in the form and manner directed by HMRC.

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