CO. KERRY, Ireland--(BUSINESS WIRE)--Internet technology company, BitTorrent (http://www.bittorrent.com/) who create advanced, innovative technologies to efficiently move large files across the Internet, have selected Taxamo’s SaaS-based EU VAT solution to process compliance with EU VAT changes 2015 (https://www.taxamo.com/rdr.php?source=PR_BitTorrent&rdr=https://www.taxamo.com/solution/&subid=1&version=1) on the sale of e-services and digital goods.
More than 170 million people use BitTorrent products every month and its protocols move as much as 40% of the world's Internet traffic on a daily basis.
“We were looking for a top performing, scalable tax solution and we found Taxamo,” said BitTorrent CFO Dipak Joshi, “We’re all about options at BitTorrent and Taxamo gives us the flexibility and efficiency we need to deliver our technology to customers all over the world. It’s this compatibility that makes Taxamo the ideal solution.”
New EU VAT rules (https://www.taxamo.com/rdr.php?source=PR_BitTorrent&rdr=https://www.taxamo.com/2015-legislation/&subid=1&version=1%20) require merchants with B2C sales of digital goods and services in Europe, to identify where their end customer is located by collecting two pieces of non-conflicting evidence and then applying the correct VAT rate. Taxamo’s real-time solution offers e-commerce businesses a fully integrated API that enables a quick and cost-effective way to manage global digital tax obligations.
BitTorrent will use Taxamo’s suite of APIs and comprehensive reporting dashboard to comply with all EU regulatory requirements, including identifying EU and non-EU transactions, collecting & storing customer location evidence, validating B2B transactions, calculating ongoing VAT liability and creating quarterly EU VAT MOSS returns. Taxamo’s solution also provides currency conversation based on European Central Bank (ECB) rates, up-to-date VAT matrix management and support for both dynamic and universal pricing.
Taxamo recently announced plans (https://www.taxamo.com/rdr.php?source=PR_BitTorrent&rdr=https://www.taxamo.com/digital-tax-worldwide-launch/&subid=1&version=1%20) to expand its market-leading digital taxation solution and support jurisdictions that already have, or intend to, implement taxation based on the place of consumption of digital services, including US Sales Tax.
“We’re confident that our solution is the most comprehensive EU VAT solution out there. It’s rewarding to have that validated by BitTorrent who did their homework, looked at the alternatives and decided on Taxamo.” – John McCarthy, Taxamo CEO.
This latest announcement adds to Taxamo’s growing list of global clients which already includes WooThemes (http://www.woothemes.com), Penguin (http://www.penguin.co.uk/) (Random House) and JustInMind (http://www.justinmind.com/).
About BitTorrent (http://www.bittorrent.com)
BitTorrent is a globally-recognized creator of software and technology designed to help people find, share and move digital media over the Internet. The company has built an orchestrated ecosystem of software, content and devices, all designed in harmony with the legendary BitTorrent protocol at the core.
About Taxamo (https://www.taxamo.com/rdr.php?source=PR_BitTorrent&rdr=https://www.taxamo.com/&subid=1&version=1) (https://www.taxamo.com)
Taxamo are experts in global digital tax. Its easy-to-integrate solution looks after every aspect of compliant consumer location detection and tax reporting on digital sales and is trusted by e-commerce businesses around the world.
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