The Assure solution helps 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 EUR 150 or less, as new VAT rules for ecommerce transactions to the EU went into effect on 1 July 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 solution for the merchant to meet their obligations under the new rules in the form of a 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 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.
The Assure solution is designed to integrate with a merchant’s existing ecommerce sales process, supporting integrations via both direct APIs and selected ecommerce plug-ins to facilitate online sales.
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