Vertex Launches Advanced Cloud-Based Solution for VAT Compliance

Rhea-AI Summary

Vertex, Inc. (NASDAQ:VERX) announced the launch of its Cloud VAT Compliance solution, designed to facilitate compliance in a complex tax environment. This solution addresses the digitalization of value-added tax (VAT) and goods and services tax (GST) across Europe and other regions. It includes features like customizable data validation tools and workflow automation, improving accuracy and reducing liability risks. Vertex aims to support multinational companies in meeting evolving VAT regulations, enhancing global coverage and scalability.

Positive

• Launch of Cloud VAT Compliance solution enhances Vertex's market offering.
• Solution features advanced data validation and workflow automation tools.
• Expanded global coverage for VAT compliance across multiple regions.

Negative

• None.

Product automates and simplifies compliance, offering scalability and expanded global coverage

KING OF PRUSSIA, Pa., Aug. 11, 2021 (GLOBE NEWSWIRE) -- Vertex, Inc. (NASDAQ:VERX) (“Vertex” or the “Company”), a global provider of tax technology solutions, announced today the availability of the Vertex^® Cloud VAT Compliance solution with advanced features that support the changing tax environment across Europe and other countries that require the digitalization of value-added tax (VAT) and goods and services tax (GST). The solution centralizes and streamlines compliance as companies enter new territories and indirect tax filings become more complex.

“As VAT legislation complicates an already highly-complex economic and regulatory environment, our next-generation solution can help businesses navigate global compliance challenges,” said Vertex CEO David DeStefano. “We are a trusted technology provider with a long history of customer co-innovation that accelerates time-to-value, and leveraged this proven approach to introduce a cloud solution for VAT that supports the digital transformation of tax.”

The advanced VAT compliance solution features integrated customizable rule-based data quality and validation tools, as well as workflow automation that maximizes data and return accuracy and minimizes risk of liability. Signature-ready returns and reports have been expanded for countries in Europe, Latin America, Asia, and Africa; and evolving VAT legislation including One Stop Shop (OSS), as well as real-time reporting.

“We value the co-innovation approach that Vertex has taken. We believe our collaboration with the Vertex product team will ensure a truly customer-oriented solution that enables multinational companies to meet VAT compliance requirements, with features like workflow automation and data validation that will help us grow with confidence,” said National Instruments Indirect Tax Manager Marina Jukic.

As multinationals face ever-changing VAT compliance regulations and authorities are requiring increased transparency and real-time reporting, Vertex provides a single, end-to-end global solution that minimizes risk and helps solve compliance challenges.

For more information on Vertex Cloud VAT Compliance, visit our website.

About Vertex
Vertex, Inc. 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 Vertex's Cloud VAT Compliance solution?

Vertex's Cloud VAT Compliance solution is designed to assist companies in managing VAT compliance complexities and digitalization requirements across various regions, including Europe.

What are the key features of the new VAT Compliance solution from Vertex?

Key features include customizable data validation tools, workflow automation, and expanded reporting for compliance with evolving VAT regulations.

How does Vertex's new solution help multinational companies?

The solution helps multinational companies navigate complex VAT regulations, improve compliance accuracy, and minimize risk through streamlined processes.

When was Vertex's Cloud VAT Compliance solution announced?

The Cloud VAT Compliance solution was announced on August 11, 2021.