Hey everyone i am daniel this is dtv welcome back to the channel today we are talking about value added tax forms aka that forms so before we get started for those that don't know i run a local travel video blog right here in germany and we focus on pcs prep travel and local life as an american living in germany so if that is the type of content that you are interested in then subscribe okay what is a platform so there's many benefits to being a us military member living overseas here in germany and one of those is the vap program this is a international agreement between germany and the u.s that allows u.s forces to procure tax-free goods and services to eligible members so let's back up a little bit germany imposes a 19 standard rate and a 7 percent reduced rate tax on all of their goods and services in the economy that's actually changed since cove actually it's 16 now anyways unlike the us this tax is usually added on to the sticker price so for example when you go into a german grocery store you're going to see all the different prices with the value-added tax the tax imposed into the actual price itself um in the u.s this would be like the sales tax that final sticker price has the uh imposed value-added tax in the actual price so what you see is what you get there okay so there are some stipulations and it's only available for eligible members so it's very important that if you want to receive these benefits you need to understand the process of the vat form all right there's two types of that forms that you can get you have the nf1 which are purchases...
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How to prepare Vat 407 Form
About Vat 407 Form
VAT 407 Form is a document used for reclaiming VAT (Value Added Tax) on goods that have been imported into the European Union (EU) and subsequently exported or used to make zero-rated supplies. It is essentially a declaration form that needs to be completed by non-EU businesses or individuals who are eligible to claim back VAT on purchases made in the EU. The form is typically required by businesses or individuals based outside the EU, known as "foreign businesses," who have purchased goods within the EU for the purpose of exporting them or using them to create zero-rated supplies. These goods must be intended for use outside the EU or for certain VAT-exempt activities like international transport, consignment stocks, goods supplied to visiting forces, etc. To claim a VAT refund, foreign businesses need to complete the VAT 407 Form, providing the relevant details about the goods purchased, including the supplier's invoice information, details of the goods, their purchase price, and evidence of export or use outside the EU. This form is then submitted to the relevant tax authority in the EU member state where the goods were purchased. It's important to note that each EU member state may have its own specific rules and requirements for VAT refunds, including the deadline for submitting the form. Therefore, it is advisable for foreign businesses to familiarize themselves with the regulations of the specific member state in which they made their purchases.
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