Definition
iOSS (Import One-Stop Shop) is a scheme introduced by the European Union (EU) for the collection and remittance of value-added tax (VAT) on low-value imports of goods imported by consumers from outside the EU. The iOSS allows suppliers to charge and collect VAT at the point of sale, simplifying the customs clearance process and reducing administrative burdens for sellers and buyers.
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Private Limited Company (Ltd)
A Private Limited Company (Ltd) is a type of company where the ownership is divided into shares held by a small number of shareholders. The liability of shareholders is limited to the amount unpaid on their shares, and the company’s shares cannot be traded publicly on the stock exchange.
Limited Liability Partnership (LLP)
A Limited Liability Partnership (LLP) is a business structure where partners have limited personal liability for the debts and obligations of the partnership. Each partner’s liability is limited to their investment in the LLP, and they are protected from the actions of other partners.