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Taxamo have created an EU VAT compliance solution that operates in real-time mirroring the customer journey. A Taxamo account holder can rest easy, safe in the knowledge that they comply with the new EU VAT rules on the cross-border supply of digital services.
Once registered with a chosen MOSS system (merchants need to be VAT-registered to avail of our great solution) we take care of the rest. Let us explain how.
Taxamo offers an exclusive suite of features aimed at reducing cart abandonment and making VAT compliance as painless as possible.
We offer a range of different features depending on the needs and size of the merchant. These features include an optional SMS consumer verification and prompted user country location input should no match occur of customer location evidence. Furthermore, in line with recent tax authority guidance, Taxamo offers the feature to not charge VAT on domestic transactions should the merchant be under the VAT threshold in their home country. These features can be accessed through your account.
The easy-to-use Taxamo dashboard is where our solution solves the headaches created by the EU VAT regulations. We do all the heavy lifting and merchants just concentrate on continuing to sell their great digital products.
Transaction volume stats
Were this month’s transactions EU or non-EU, B2C or B2B? The transaction volume stats section of the Taxamo dashboard answers this query. The transactions listed here can also be filtered to view per day or per week.
This dashboard section can be customised to view based on currency, tax country, or date. There is also the option to display unconfirmed transactions.
One click on any transaction allows a merchant to manually update transaction data. A merchant can mark the transaction as already confirmed, or cancel if unconfirmed.
In addition, this one-click option enables merchants to drill down into the specifics of any given transaction, such as:
- Order details – the date, tax country, and currency used in the transaction.
- Location evidence – Taxamo’s solution collects up to six data points as evidence. These include IP address, billing country, credit card BIN, bank details, fixed landline, and any other commercially relevant information such as loyalty cards (if offered).
- Invoice data – invoice number, currency, place and date of issue. The customer’s billing address is also found here along with the transaction key.
- Additional information – this section stores details such as the customer email address and product description. This section can also be used to include promotional codes or PSP token information.
- Payment information – the transaction amount and its timestamp.
VAT settlement stats
How does a merchant keep track of their VAT liabilities? How can they confirm which country they are selling to, and at what VAT rate? The VAT settlement stats section of your dashboard provides the answers. Here, the country, tax rate, and transaction amount are logged.
If a merchant wants to download this information for their own use. They can do so here. All of these VAT settlement reports are also easily downloadable in the popular .csv file format which stores tabular data in plain-text.
Refunds are a fact of life for merchants and Taxamo’s dashboard provides an in-depth section to view refunds.
The Refund report section allows a merchant to track all refunds requested.
This report page only shows refunds that were performed after the 20th day of the quarter following the quarter in which the transaction has been ordered.
For the more technical, your account dashboard also features an operations log, which will log all Taxamo API requests.
Each log will include the HTTP request body and header as well as the HTTP response body and header.
Every aspect of EU VAT compliance covered
To recap, our solution covers all of the requirements to enable EU VAT compliance. We achieve this with a suite of reporting features, such as:
- Storage of customer location evidence
- Calculation of ongoing VAT liability
- VAT matrix management
- Creation of quarterly EU MOSS returns
- Creation of audit files when required for EU tax authorities
- Secure storage of transaction data for 10 years, as required by the new legislation
In addition, real-time VAT calculation is a key feature of our solution. A customer’s payment journey is not affected as the Taxamo solution performs the following functions to ensure EU VAT compliance:
- Identifies EU and non-EU transactions
- Collects customer location evidence
- Validates B2B transactions
- Real-time VAT calculation across the 28 EU Member States
- Support for both dynamic and universal pricing strategies
Note: Taxamo content is created for guidance only, please consult your local tax advisor.