Vertex, Inc. (NASDAQ:VERX) and its subsidiaries, (“Vertex” or the “Company”), a global provider of tax technology solutions, announced its Taxamo Assure by Vertex® solution that facilitates and enhances the successful completion of online sales by e-commerce sellers. The Assure solution enables such sellers to ensure that their covered sales are in full compliance with the complex process of value-added tax (VAT) calculation and reporting obligations for parcels worth €150 or less, as new VAT rules for e-commerce transactions to the EU went into effect July 1, 2021.
The new EU VAT regulations impose additional compliance burdens and increased complexity with changes to rates, thresholds and remittance processes for all merchants remotely selling into the EU. Assure offers a complete solution for the merchant to meet their obligations under the new rules in the form of an innovative pay-as-you-go product. The merchant pays a fee per parcel and in turn their VAT obligations – from calculation to registration to collection to remittance to compliance – will be assumed and undertaken by Vertex. The solution seamlessly integrates into the checkout journey and controls the real-time VAT calculation and invoicing on a merchant’s covered sales to the EU. As the merchant processes sales, the transaction details are tracked and Taxamo files and remits the VAT due.
“Our Taxamo Assure product delivers sellers an end-to-end, turn-key solution that automates real-time VAT calculations and reporting obligations,” said Vertex President of E-commerce John McCarthy. “The solution simplifies the entire process for merchants who are not equipped to handle remote seller obligations and prefer to focus on higher-value activities like improving customer experience and growing their businesses.”
The Assure solution is designed to easily integrate with a merchant’s existing e-commerce sales process, supporting integrations via both direct APIs and selected e-commerce plug-ins to facilitate and enhance online sales.
Check Out The New Martech Cube Podcast. For more such updates, follow us on Google News Martech News