Vertex Inc., the leading provider of corporate tax solutions, announced today significant expanded capability for both the on premise and hosted versions of their tax processing solution for retailers. Specifically, this upgrade supports global retail rates and rules to yield the most accurate processing of Value Added Tax (VAT) worldwide.
New European Union regulations in 2015 have clarified how VAT will operate for ecommerce, and how revised rules will affect retailers supplying electronic services to consumers. The updated legislation requires retailers to apply the VAT rate that corresponds to the country in which the consumer resides. These complexities have made it much more challenging for retailers to keep pace with VAT compliance demands.
Users of both the on premise Vertex Indirect Tax for Retail and the hosted Vertex Indirect Tax for Retail On-Demand will now maintain the same optimum level of tax compliance they’ve experienced nationally, even as their operations expand globally into EMEA (Europe, Middle East and Africa), Asia Pacific, and Central and South America.
“As the leader in the retail tax technology space, Vertex is adding upgrades that are critical for VAT compliance for users of our retail tax processing solutions,” said Jeff Westphal, CEO of Vertex. “Since launching Vertex Indirect Tax for Retail in 2007 and expanding functionality to include our On-Demand SaaS offering in 2012, our retail solution has not just continued to meet market demands, but has become an integral part of retail operations for corporations across the globe.”
At a time when multinational retailers are experiencing increasing challenges due to complexities associated with achieving tax compliance at their global retail outlets, Vertex's retail products are positioned now more than ever to deliver consistent, accurate tax calculation that will reduce audit exposure and provide transaction archiving, as well as tax itemization detail on receipts required to support returns and exchanges — all to enable the most efficient, automated tax compliance.
Since 1978, Vertex, Inc., has been a leading provider of tax technology and services, enabling companies of all sizes to realize the full strategic potential of the tax function by automating and integrating tax processes, while leveraging advanced and predictive analytics of tax data. Vertex provides cloud-based and on-premise solutions that can be tailored to specific industries for every major line of tax, including income, sales and consumer use, value added and payroll. Headquartered in Pennsylvania, and with offices worldwide, Vertex is a privately held company that employs over 900 professionals and serves companies across the globe.