When buying goods from within the EU, what is the term for the transaction?

The transaction of buying goods from within the EU is referred to as an acquisition. This terminology is specifically used in the context of VAT (Value Added Tax) to describe purchases made from businesses located in other EU member states. When a business makes an acquisition from another EU country, it requires the buyer to account for the VAT on their VAT return under the reverse charge mechanism. This differs from an import, which typically involves bringing goods into a country from outside the EU, where customs duties and different VAT implications may apply.

In this scenario, “export” refers to sending goods out of a country to another, “dispatch” refers to movement of goods being sent to another EU country, which does not apply to the purchase of goods. Therefore, acquisition accurately describes the buying process of goods from another EU member state for VAT purposes.