Solution simplifies compliance for new European Union VAT e-commerce regulations
Vertex, Inc. (NASDAQ:VERX) (“Vertex” or the “Company”), a global provider of tax technology solutions, announced its new Vertex® Tax Links integration for Mirakl, the enterprise SaaS platform that powers over 300 online marketplaces. Combined with the existing integration to the Mirakl platform for sales and use tax, Vertex now offers global end-to-end tax solutions for Mirakl customers.
As new value-added tax (VAT) rules for e-commerce transactions take effect on 1 July 2021, this integration will help companies remotely selling and supplying intra-European Union goods by enabling them to seamlessly calculate tax using Vertex® Indirect Tax O Series. Vertex Tax Links for the Mirakl Marketplace Platform enables customers to automate global VAT determination, reducing the risk of audits and penalties due to inaccurate remittance.
In today’s digital first environment, organisations continue to expand their sales channels and drive profitable growth by launching their own enterprise marketplaces. According to a recent study by Mirakl, in the last quarter of 2020, marketplaces grew by more than 80 per cent year-over-year, more than double the rate of overall e-commerce growth. However, changes to VAT regulations for e-commerce going into effect on 1 July 2021 in the EU could pose new challenges, increasing complexity with changes to rates, thresholds and remittance processes for all organisations doing business in the EU.
“Together Vertex and Mirakl are helping companies to launch and operate an enterprise marketplace with ease,” said Luca Cassina, Executive Vice President Customer Success B2C EMEA at Mirakl. “With their innovative technology, Vertex enables our clients and the sellers on their marketplaces to easily conform to the new regulation so they can continue to focus on providing a seamless customer experience for shoppers and buyers.”
Mirakl enables B2B and B2C multinational enterprises to launch and scale marketplaces quickly. The world’s most trusted brands choose Mirakl for its comprehensive solution of technology, expertise, and the Mirakl Connect ecosystem to unlock the power of the platform business model. With this new integration, Vertex joins the rapidly growing Mirakl Connect ecosystem providing Mirakl-powered Marketplace operators with an enterprise solution for global tax management, compliance and reporting.
“As our joint customers implement omnichannel strategies to support business expansion and deliver a unified customer experience, VAT regulations on cross-border transactions are creating increased tax complexity. Our focus is on providing flexibility and scalability regardless of changes in tax regulations and requirements,” said Vertex Chief Revenue Officer Chris Jones. “Now customers using the Mirakl Marketplace Platform can more easily comply with the new VAT EU e-commerce regulations and continue to expand their marketplace businesses with confidence.”
Mirakl offers the industry’s first and most advanced enterprise marketplace SaaS platform. With Mirakl, organisations across B2B and B2C industries can launch marketplaces faster, grow bigger, and operate with confidence as they exceed rising customer expectations. Platforms are the new competitive advantage in eCommerce, and the world’s most trusted brands choose Mirakl for its comprehensive solution of technology, expertise, and the Mirakl Connect ecosystem to unlock the power of the platform business model for them. As a result, companies like ABB, Astore by AccorHotels, Best Buy Canada, Carrefour, Catch, Changi Airport, Darty, The Kroger Co., Leroy Merlin, Maisons du Monde, Metro, and Toyota Material Handling gain the speed, scale and agility to win in the changing eCommerce landscape. For more information: www.mirakl.com.
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.