New option enables online marketplace providers to provide taxation
- Super user
- April 12, 2016
Intending in order to help companies grow online sales by safeguarding them from increasingly onerous compliance responsibilities, Sovos announced today it will provide the industry`s very first global market tax solution.
Increasingly more of our Fortune 100 retail customers are releasing online design logo in illustrator marketplaces, providing enormous opportunities for brands to reach more customers, stated Andy Hovancik, CEO of Sovos Compliance, the 35-year leader in tax compliance software. Tax authorities are making it harder and harder for online.
Sellers to stay certified, which puts everybody at risk. We assist companies grow by removing threat and improving the additional compliance work.
The international marketplace tax offering is the current addition to the Sovos Sales Tax platform, currently in use by many of the top 100 sellers. The distinct two-pronged compliance solution assists both merchants handling marketplaces and sellers using those channels to sell with confidence. First, Sovos offers.
Real-time sales tax calculations on every sale in the market, including more than 12,000 jurisdictions and 9,000 special product taxability codes. The solution completely handles tax filing to states and local federal governments for sellers, a process that generally costs a little company tens of thousands of dollars a year according to Aberdeen Group.
Top sellers terribly want marketplace sellers to have access to the existing tax rates because not just is it the right thing to do however it`s a competitive advantage, Hovancik said. Until now, the expense and intricacy of a lot of options has been a major concern. Our research suggests the lion`s share of marketplace sellers are entirely from compliance and we prepare to alter that with our international marketplace solution.
United States online sales surged 14.6 % in 2015 according to Internet Retailer. Little to mid-size business, a section that makes up the large bulk of market sellers, almost doubled the overall development rate. At the very same time, state federal governments have gone on the offensive to catch sales tax revenue from remote sales even more making complex already dirty sales tax compliance guidelines.
The Sovos market solution provides merchants an automated way to keep their companies and their sellers ahead of the curve. A few of the most significant brand-new functions consist of:.
Continuous platform-wide rate updates in thousands of jurisdictions to minimize audit and charge threat.
Multi-seller sales tax configuration is enabling each marketplace seller to set up both jurisdictional and product tax settings to help with processing of sales tax.
Automatic guidelines and rates updates from the Sovos enterprise tax team, with a leading library of sales and use tax information.
Support for numerous ERP instances to simplify application and migration for busy IT.
Departments at the world`s largest retailers.