Compliance with EU VAT regulations just became a whole lot easier. Taxamo have launched a new feature that enables merchants to retrospectively import historical transaction data to their Taxamo account.
In other words, if you weren’t ready by Jan 1, you can catch up!
What is this new feature?
We make the reporting process easier and smoother for online merchants, allowing you to upload your historical transaction data via a custom CSV file.
This process, of course, is not the ideal solution as merchants need to capture evidence of their customer’s location in real-time so as to comply with new EU VAT regulations.
As this data import process is not in real-time merchants cannot return to their customers seeking the critical location evidence. Luckily, once you are a Taxamo user we take care of this burden for you.
So if you have not captured the minimum required information, Taxamo will not be able to calculate VAT on historical transaction data.
As these are transactions uploaded after the fact Taxamo will calculate VAT on these transactions on a universal pricing basis (same price for each customer + local VAT rate). This means that the value of the transaction passed to Taxamo will include the VAT amount.
To avail of this new data import tool you just have to follow three simple steps:
- Download the custom CSV file
- Populate the required fields
- Upload the file to your Taxamo account.
Once these transactions are visible in your Taxamo account you can generate a settlement data report.
How do I upload my historical transactions?
If you do not see this feature in your Dashboard please contact us and we can send you the CSV file and upload to your account.
Here is a step-by-step guide to using the Taxamo Data Import Tool through your Taxamo dashboard.
Sign up for Taxamo to access your easy-to-use merchant dashboard. Existing users can log into your Taxamo account. When signing up you will need to select a pricing plan. The cost per line transaction imported will mirror your transaction pricing plan. For example, if you sign-up for a €0.20 per transaction pricing plan and import 40 historical qualifying sales, you will be charged €8.00.
The relevant field for data import is accessed on the left side of your Taxamo dashboard under ‘Transactions’.
Here, you have the option to ‘Add’ and/or ‘Upload’ (see screenshot below).
For the data import process to begin you will need to select ‘Upload’.
The ‘Upload’ selection will bring you to the ‘Transactions upload’ section of the Taxamo dashboard. Here you will be asked to choose a file that you wish to upload, please remember that the maximum file size is 1024kB.
You have three file upload options:
- Accept all transactions, even those with non-matching evidence. Evidence with the highest priority will be used.
- Block file processing if transactions with non-matching evidence are found.
- Flag transactions with non-matching evidence, but create ones where the collected evidence matches.
Please click on your preferred file upload option. Once you have selected a process to upload your CSV file then you simply select ‘Submit for processing’.
EU VAT regulations liability and settlement data
Once you have your CSV file and – once all the required fields are populated correctly – Taxamo will import the data.
From this data we will calculate your VAT liability to the EU tax jurisdictions where you have supplied digital services.
As previously stated Taxamo will calculate VAT on these transactions on a universal pricing basis, i.e. the value of the transaction passed to Taxamo will include the VAT amount.
We will also be able to generate a settlement data report. This report is critical as it is the file that you will need to submit to your chosen Member State of Identification (MSI) at the end of each quarter.
File upload format
Taxamo provides a sample CSV to be uploaded. In general the following information is required:
- All fields comma (,) separated.
- String values can be wrapped in “”.
- The header row needs to be present (its contents will be ignored)
File columns will need to be provided in the following order. The more data you can provide the better, but at a minimum you must supply anything marked with an asterix ‘*’:
Merchants have full visibility on all of their data imports via our ‘Recent uploads’ section.
We provide a list of recent uploads with a UTC timestamp showing the upload time as well as providing a snapshot of how many sales were included in the file.
The cost per line transaction imported will mirror your transaction pricing plan. For example, if your plan is at a rate of €0.20 per transaction, then that is the per transaction import price you will pay.
Our general pricing structure is explained in more detail here.
Note: Taxamo content is created for guidance only, please consult your local tax advisor for professional advice.