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KING OF PRUSSIA, Pa., Aug. 23, 2021 (GLOBE NEWSWIRE) — Vertex, Inc. (NASDAQ:VERX) and its subsidiaries, (“Vertex” or the “Company”), a all-around provider of tax technology solutions, appear its Mid-Year Ante and Rules Report adumbrated that new commune sales taxes rose rapidly for the aboriginal bisected of this year. Cities are additionally assuming a college cardinal of new sales tax ante and alteration ante added frequently. These trends accept connected through July.
“Indirect tax teams charge to accumulate on top of new and alive ante as the communicable continues to affect tax revenues,” said Vertex Chief Tax Officer Michael Bernard. “Despite accepting federal aid to the tune of about $350 billion in March of 2021, we saw a flurry of action from accompaniment and bounded legislatures aloof afore they larboard for summer recess. Certain states who await on taxes generated by energy, transportation, and tourism in particular, still face cogent account gaps. For all of these reasons, we apprehend the abundance of new and afflicted burghal and commune sales taxes to continue.”
Tax professionals should agenda the following:
Tax action alteration is already underway due to the communicable and will acceptable accompany added cogent aldermanic changes. Tax authorities can accession tax ante or aggrandize the tax base; demography both accomplishments risks abeyant backlashes amid taxpayers. Added tax jurisdictions are aptitude against abject amplification in a post-Wayfair environment. According to Bernard, “Compared to assets and acreage taxes it’s far easier to administer, aggregate and analysis sales tax back there are beneath exemptions and collections accident on a added common basis.”
Various forms of agenda taxation (potentially assuming new taxes for alive video and music services) are acceptable to affection acutely in near-term tax action discussions. “U.S. policymakers on both abandon accept proposed or are because the taxation of companies in the anatomy of agenda advertising, amusing media, and abstracts taxes afterwards Maryland allowable the nation’s aboriginal tax on agenda ads beforehand this year,” added Bernard.
Over the aftermost two decades, e-commerce has taken over a ample allocation of absolute retail sales, but the communicable accelerated that advance alike further. According to the Adobe Agenda Abridgement Index, all-around e-commerce sales grew by 38% year-over-year in the aboriginal division of 2021 compared to the aforementioned division in 2020.
While the European Union alien new e-commerce VAT legislation in aboriginal July, the G20 met to altercate a ambit of budgetary and bread-and-butter issues including progression of the OECD Inclusive Framework (IF) and the majority of IF associates agreed to a aisle advanced for all-embracing tax reform, acclamation a growing agenda economy, as able-bodied as the abeyant for a all-around minimum tax.
Click actuality to appearance Vertex’s 2021 Mid-year Sales Tax Ante and Rules Report.
About Vertex Vertex is a arch all-around provider of aberrant tax software and solutions. The company’s mission is to bear the best trusted tax technology enabling all-around businesses to transact, accede and abound with confidence. Vertex provides cloud-based and on-premise solutions that can be tailored to specific industries for above curve of aberrant tax, including sales and customer use, amount added and payroll. Headquartered in North America, and with offices in South America and Europe, Vertex employs over 1,200 professionals and serves companies beyond the globe.
For added information, appointment www.vertexinc.com or chase on Twitter and LinkedIn.
Copyright © 2021 Vertex, Inc. All rights reserved. The admonition independent herein is advised for admonition purposes only, may change at any time in the future, and is not acknowledged or tax advice. The artefact administration and abeyant roadmap information is not a guarantee, may not be congenital into any contract, and is not a charge to bear any material, code, or functionality. This admonition should not be relied aloft in authoritative purchasing, legal, or tax decisions. The development, release, and timing of any appearance or functionality declared for Vertex’s articles charcoal at the sole acumen of Vertex, Inc. Any statements in this absolution that are not absolute facts are advanced statements as defined in the U.S. Private Securities Litigation Ameliorate Act of 1995. All advanced statements are accountable to assorted risks and uncertainties declared in Vertex’s filings with the US Securities and Exchange Commission (“SEC”) that could cause absolute after-effects to alter materially from expectations. Vertex cautions readers not to abode disproportionate assurance on these advanced statements which Vertex has no obligation to amend and which allege alone as of their dates.
Company contact: Tricia Schafer-Petrecz Vertex, Inc. [email protected] 484.595.6142
Investor Relations contact: Ankit Hira or Ed Yuen Solebury Trout for Vertex, Inc. [email protected] 610.312.2890
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