Vertex Introduces Taxamo Assure Solution for Online Sales Under New EU VAT E-Commerce Rules

Rhea-AI Summary

Vertex, Inc. (NASDAQ:VERX) has launched its Taxamo Assure by Vertex solution, designed for e-commerce sellers to comply with new EU VAT regulations effective July 1, 2021. This innovative pay-as-you-go product automates VAT calculations and reporting for sales of €150 or less, relieving merchants of compliance burdens. The solution integrates seamlessly into existing e-commerce platforms, allowing sellers to focus on enhancing customer experience. Vertex aims to streamline the VAT process, offering a comprehensive solution from calculation to remittance.

Positive

• Launch of Taxamo Assure to simplify VAT compliance for e-commerce sellers.
• Innovative pay-as-you-go model ensures cost-effectiveness for merchants.
• Seamless integration with existing e-commerce processes enhances usability.

Negative

• None.

KING OF PRUSSIA, Pa., July 06, 2021 (GLOBE NEWSWIRE) -- 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.

For more information on the Taxamo Assure solution, visit our website.

About Vertex
Vertex is a leading global provider of indirect tax software and solutions. The company’s mission is to deliver the most trusted tax technology enabling global businesses to transact, comply and grow with confidence. Vertex provides cloud-based and on-premise solutions that can be tailored to specific industries for major lines of indirect tax, including sales and consumer use, value added and payroll. Headquartered in North America, and with offices in South America and Europe, Vertex employs over 1,200 professionals and serves companies across the globe.
For more information, visit www.vertexinc.com or follow on Twitter and LinkedIn.

Copyright © 2021 Vertex, Inc. All rights reserved. The information contained herein is intended for information purposes only, may change at any time in the future, and is not legal or tax advice. The product direction and potential roadmap information is not a guarantee, may not be incorporated into any contract, and is not a commitment to deliver any material, code, or functionality. This information should not be relied upon in making purchasing, legal, or tax decisions. The development, release, and timing of any features or functionality described for Vertex’s products remains at the sole discretion of Vertex, Inc. Any statements in this release that are not historical facts are forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. All forward-looking statements are subject to various risks and uncertainties described in Vertex’s filings with the US Securities and Exchange Commission (“SEC”) that could cause actual results to differ materially from expectations. Vertex cautions readers not to place undue reliance on these forward-looking statements which Vertex has no obligation to update and which speak only as of their dates. 

Company contact:
Tricia Schafer-Petrecz
Vertex, Inc.
tricia.schafer-petrecz@vertexinc.com
484.595.6142

Investor Relations contact:
Ankit Hira or Ed Yuen
Solebury Trout for Vertex, Inc.
ir@vertexinc.com
610.312.2890

FAQ

What is the Taxamo Assure by Vertex solution for e-commerce sellers?

The Taxamo Assure solution automates VAT calculations and reporting for e-commerce sales to the EU, easing compliance with new VAT regulations.

When did the new EU VAT rules affecting e-commerce transactions take effect?

The new EU VAT rules took effect on July 1, 2021.

How does the Taxamo Assure solution benefit e-commerce merchants?

It simplifies compliance with VAT obligations, allowing sellers to focus on customer experience and business growth.

Which company launched the Taxamo Assure solution?

Vertex, Inc. launched the Taxamo Assure solution.

What is the stock symbol for Vertex, Inc.?

The stock symbol for Vertex, Inc. is VERX.