Tax compliance technology provider Avalara, Inc. has revamped its Avalara VAT Reporting, Avalara AvaTax for VAT and Avalara VAT Registration offerings to assist firms with adhering to the new value-added tax (VAT) regulations for online commerce in the European Union (EU) that went live on July 1, 2021, according to a Wednesday (July 14) announcement.
“Europe is critical to the continued growth of sellers, retailers, and marketplaces,” Avalara Chief Product Officer Sanjay Parthasarathy said in the announcement. “New compliance reforms and rules across the EU have created new complexities for international businesses and our enhanced VAT solutions provide them with the technology needed to simplify, streamline, and manage the entire VAT compliance life cycle.”
Avalara’s bolstered VAT compliance technologies equip international firms with the functionalities that help them contend with the marketplace deemed supplier, import one-stop shop (IOSS) and one-stop shop (OSS) laws throughout the bloc in addition to optimizing adherence to VAT in totality by the way of digitization.
Avalara VAT Registration, for example, helps companies streamline the cumbersome work of registering to collect VAT throughout 74 nations.
In addition, Avalara AvaTax for VAT assist companies with finding out the amount of VAT with a higher level of accuracy.
Avalara also provides three offerings VAT reporting offerings: Avalara VAT Reporting for Small Business covers small companies, Avalara Managed VAT Reporting covers small to medium-sized businesses (SMBs) and Avalara Managed VAT Reporting Premium covers medium to large companies.
Avalara, which offers “cloud-based compliance solutions for various transaction taxes,” has offices throughout the United States and across the globe in India, Europe and Brazil, according to the announcement.
The news comes as Avalara purchased the DAVO Technologies’ operational assets. DAVO’s infrastructure links up with point-of-sale (POS) systems to take out the taxes owed, earmark daily tax funds and then file and pay sales taxes to local and state governments for companies when the taxes are due.