VIES
The VAT Information Exchange System (VIES) is an electronic method for transmitting VAT registration information, such as the validity of VAT numbers, for companies registered within the European Union in the context of cross-border transactions involving goods and services. The VIES validation add-on simplifies the work for D365 F&O users by enabling the direct verification of a contractor’s VIES data in the system using external registers.
Discover how the Vies Add-on can support your business
Important features
Verify a VAT identification number
VIES validation facilitates the verification of the correctness and validity of a taxpayer's VAT identification number. This helps to prevent situations where an entity presents a false VAT number or is not registered as a VAT payer.
Reducing the risk of tax fraud
This measure prevents potential attempts at tax fraud, which may occur when entities attempt to evade VAT by using false VAT identification numbers or by utilizing unregistered numbers.
Compliance with EU tax regulations
VIES verification helps businesses maintain compliance with European Union tax regulations, which require entities involved in international transactions to be registered as VAT taxpayers, and supports the avoidance of penalties and sanctions resulting from non-compliance.
Facilitating international transactions
VIES validation facilitates international transactions for businesses by supporting the confirmation of the tax legality and credibility of business partners across the European Union and cross-border markets efficiently and reliably.
Preventing errors in tax settlements
It ensures accuracy in tax settlements by verifying the correctness of VAT identification numbers, thereby minimizing the risk of costly financial and compliance errors in tax settlements.
Verification history
A comprehensive verification history enables detailed tracking and systematic documenting of the entire verification process, ensuring full transparency and accountability, which can be crucial for internal controls, external audits, regulatory reviews, and official tax inspections.
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