Taxamo: opening up new possibilities for VAT collection

Wed Nov 2, 2016

New service means digital businesses can retain their existing payment service provider and also meet global VAT liabilities

Taxamo Assure

Digital sellers rejoice: you can now retain your existing payments provider while also meeting your global VAT liabilities.

Taxamo have made this possible by developing our new service: Assure.

From our peerless experience in providing digital tax solutions to businesses operating worldwide we have learned that something is missing in the digital payments model.

Over the past two years there has been an avalanche of new global rules targeting sales made online. These rules have placed a heavy burden on digital businesses with respect to regulatory compliance demands and the additional processes of collecting, filing, and settling VAT liabilities.

Why should the seller become an expert in the tax requirements of every jurisdiction that brings in such rules? It doesn’t have to be this way. That’s why we have created Taxamo Assure.

Built for flexibility and scalability

Assure is built for enterprises that have that ambition to expand globally.

Complying with these new rules from various tax jurisdictions should not mean a complete overhaul of internal payments infrastructures. Some digital businesses, however, believe that this is the only option available to them from a compliance perspective. We think there’s a better way: why uproot your internal system and change to using an online platform when you can just use the Taxamo Assure checkout form?

The beauty about the Taxamo Assure checkout form is that the digital business retains their existing payment service provider. It is an elegant solution that provides sellers with the reliability and confidence to sell anywhere.

This intelligent design means that the seller remains the payment merchant of record while Taxamo becomes the taxable party. In essence you just leave the VAT to the experts. In other words: leave it to Taxamo Assure.

Support for Stripe from the start

On launch Taxamo is supporting Stripe, with support for additional PSPs to follow.

The Taxamo Assure service launches with support for the EU region and New Zealand.

Taxamo’s stated goal for Taxamo Assure is to support every country that taxes foreign digital sales, ensuring peace of mind for their customers.

If the digital business is selling a manageable number of products, they can setup the products individually in Taxamo Assure. From a technical perspective this provides the option of redirecting to the Assure checkout form without having to write any javascript code.

Assure’s checkout form is also fully customisable so digital businesses can style it to match their own vision.

Assure, after all, is about vision. We have seen the technical and regulatory problems that digital businesses face. On the horizon there will be a simplified online marketplace. Here sellers will be able to concentrate on selling, leaving Taxamo Assure to take care of rest: rest assured.

For more on Taxamo Assure visit our site.

Note: Taxamo content is created for guidance only, please consult your local tax advisor.

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