Vertex, Inc. and its subsidiaries, 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.
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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.
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“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.
