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friday11 Jun 2021

Stripe Launches Stripe Tax To Integrate Sales Tax Calculations For 30+ Countries

https://techcrunch.com

On the heels of acquiring sales tax specialist TaxJar in April, today Stripe is making another big move in the area of tax. The $95 billion payments behemoth is launching a new product called Stripe Tax, which will provide automatic, updated sales tax calculations (covering sales tax, VAT and GST) and related accounting services to Stripe payments customers initially in some 30 countries and across the U.S.

Sales tax — and specifically a more seamless way to deal with charging and tracking sales tax — is a painful issue for people doing business online.

Digital and physical goods are taxed in over 130 countries, Stripe said, and within that there can be a huge amount of variation and compliance complexity, since codes get updated all the time, too. Mishandled sales tax, meanwhile, can result in pretty hefty fines, sometimes up to 30% interest on past-due amounts.

Stripe Tax provides real-time tax calculation based on customer location and product sold; transparent itemizing for customers; tax ID management in areas (like Europe) where business customers can provide their code and get a reverse charge on tax if they are under a certain turnover threshold themselves; and reconciliation and reporting across all transactions to make filing and remittance easier.

Stripe Tax will NOT work outside of Stripe payments.

General

We all have access to all the music in the world, as well as easy software and tools to create playlists, in any way we want.

Yet, if you’ve been to a party where someone tries to be the DJ using their phone, you’ve probably appreciated the need for a good DJ who can can select the right playlist for the right crowd, and knows exactly what the party needs, and when it needs it.

Saijo is The DJ when it comes to digital marketing news.