Through this partnership, Shipster will be able to leverage Eurora’s AI/ML-backed cross-border trade compliance platform to automate its clients’ global trade and compliance processes. Specifically, the UK-based shipping integration platform will use Eurora’s complete database of duty and tax rates worldwide to ensure compliance and avoid legal issues and fines for ecommerce businesses dealing with recent changes in VAT regulations.
For example, the introduction of the Import One-Stop Shop (IOSS) by the EU in July 2021 is one such change. IOSS aimed to simplify the collection and payment of VAT for companies exporting low-value goods (up to EUR 150) to the block. In reality, registering for the IOSS scheme can be time-consuming and difficult for non-EU businesses. Therefore, these companies require the services of a VAT intermediary registered in the EU, such as Eurora.
In the official press release, Shipster officials talked about the partnership with Eurora and how it can streamline their cross-border shipping operations and improve their ability to navigate complex regulatory environments. Eurora officials revealed their aim to simplify the compliance process for Shipster and its clients, particularly those who are looking to expand internationally. Eurora aims to achieve this goal by allowing these entities to focus on growing their business without having to worry about the complexities of regulatory adherence.
Eurora has partnered with several other companies in 2023, but it also released a report in April that details how AI can assist in complying with diverse cross-border trade regulations.
The report is titled ‘The Case for AI in Cross-Border Trade’, and it addresses the challenges faced by logistics providers and the ecommerce sector due to an increasingly diverse and complicated regulatory environment, including the US STOP ACT, Dubai's customs duty charges, Singapore's new GST rules, VAT in the Digital Age (ViDA), the UK Customs Declaration Service, Canada's CARM importing regime, the European Union's Import Control System 2 (ICS2), and the EU's Carbon Border Adjustment Mechanism (CBAM).
In the same month, Eurora partnered with Joom to improve the efficiency of cross-border trade with Europe. The partnership aimed to provide Joom Logistics with advanced technology designed to simplify customs clearance and enhance cross-border trade efficiency.
Joom Logistics representatives shared some details about this partnership and highlighted how it can help solve one of the key issues of cross-border delivery: customs clearance. For their clients from Japan, Hong Kong, Mainland China, South Korea, and other regions, the partnership with Eurora will help smooth out the process and deliver an experience similar to domestic shipping.
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