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If you plan to import goods into a eu country that follows vat from another eu country that does the same then you should conduct vat validation to safely conduct your business. For any VAT transaction that continues to remain in the vat chain, validation of vat number is very important since in case your supplier provides you with a false vat number then you would not be eligible for vat reclaim and could even be penalized by the vat department of your country.
Vat has been adopted by most countries in the European Union in a bid to construct a single market platform where goods and services can be transported across borders in a transparent manner. Countries such as the UK, Poland, Belgium, Sweden, Italy, Romania, Germany, and many more have shifted over to vat under the guidance of the European Commission. If you too have a business in any of the eu countries that follow vat then you would need to follow eu vat rules along with vat rules issued by the vat department of your own country.
Vat taxes goods and services during each transaction and also allows traders to reclaim previously paid vat. If you are a trader that imports goods or services from another eu country and need to reclaim vat already paid in that country then you can do so by applying for vat refund. However, it is imperative that your supplier provides you with a genuine and valid vat number before exporting the goods into your country. If you are dealing with a new supplier then you should definitely opt for vat validation since the process takes only a few minutes and can certainly save you a lot of time, effort and money in the future.
You can easily visit the official website of the European Commission by following the link http://ec.europa.eu/taxation_customs/vies/vieshome.do. If you are a vat registered trader in the UK then you can also visit the website of hmrc vat or call up the office of HM Revenue and Customs to validate the vat number of your proposed supplier. In case you visit the website then you will need to type in the country code of the supplier followed by the complete vat number. The vat no might only contain numbers or might also contain characters depending on the country where the vat registration of your supplier has been done. You will also need to type in the code of your own country along with your own vat number.
You will receive a confirmation on your computer screen within seconds. You will now be able to find out if the vat number supplied by your supplier is genuine and valid. You can also keep a printout of this confirmation to remain on the safe side. Once your transaction is complete then you can safely file for vat refunds since this validation exercise will ensure that your supplier has a genuine vat certificate in that particular country. You can also check vat numbers of local suppliers if you wish by using this validation facility that anyway is totally free.
If you plan to import goods into a eu country where the system of vat is followed then you need a genuine supplier with a genuine vat number. This will enable you to go in for vat reclaim, which in turn will lower costs. Instead of losing out on vat refund and getting penalized due to your supplier, you should certainly conduct vat validation to safely conduct your business.