What is VAT?
The Value Added Tax (VAT) in the European Union is a general, broadly based consumption tax assessed on the value added to goods and services. It applies to all goods and services that are bought and sold for use or consumption in the European Union. Thus, goods which are sold for export or services which are sold to customers abroad are normally not subject to VAT. Conversely imports are taxed to keep the system fair for EU producers so that they can compete on equal terms on the European market with suppliers situated outside the Union.
We have just released a new Admin set-up for VAT, which requires ACTION from our customers. With this update, orgs will be able to (and MUST) enter VAT information (ID and %) for ALL existing races. These fields can be found in place of the previous VAT slides.
What do YOU need to do?
- Go to Event Properties > Payments > New Tax Entry
- Select VAT from dropdown, enter Tax ID and Tax Rate (must have a value, can be 0, but will be defaulted to blank)
- If you use Custom Questions to charge for Products, the other option is to use a Product Question and enter a VAT amount there
- Note: VAT ID must be entered in event properties in order to have VAT charged to a custom product
- Upon entering a new VAT rate, you will need to release a new form for the change to take effect
NOTE: If you do not enter the VAT ID by February 4, your event’s reg form will close until the information has been entered.
We are on schedule to release additional functionality (athlete receipt) next week.
The fine print:
- This will not affect scoring events; it is only mandatory when releasing a reg form
- If you are VAT exempt, you still need to enter a VAT ID, but can make the % charged “0”
- This will be a mandatory field for having registration open in these countries:
- Bosnia and Herzegovina
- Czech Republic
- United Kingdom
Please feel free to reach out to our Support team with any questions you may have about our new VAT functionality.