Marketplaces
Global tax compliance for marketplaces
Automatically validate the tax status of marketplace sellers, determine the right tax rates for each transaction, and customize reporting according to each local tax authority’s requirements.
OBLIGATIONS
Tax compliance for online marketplaces is a pain
Check the tax status of your marketplace participants
As a marketplace, chances are you facilitate and engage in cross border transactions. Whether your customers are business customers or consumers, you will need to verify their tax status to understand if your services require you to charge any indirect taxes like VAT/GST, etc. across the globe.
Determine correct tax rates on transactions between marketplace participants, and know when you are liable for the underlying transaction
Once you know the customer /seller tax status you need to determine the correct tax rate to be applied to transactions across the globe. What’s more, amid new marketplace regulation in the EU and the World, you will become liable for certain transactions on the platform instead of the underlying seller
Issue compliant invoices both for your and your customers’ benefit
Customers often ask for compliant invoices for accounting and compliance purposes (esp. B2B), and not meeting their demands increases customer support costs, manual work, and churn. Furthermore, platforms that resell from many different sellers and don't get invoices can have issues streamlining their accounting and compliance processes.
Ensure transactions are reported to tax authorities where needed
Transactions taking place on a marketplace can be touched by different tax regulations and can sometimes mandate real-time reporting to tax authorities. However, SMEs are often not aware of their obligations or find it hard to solve these compliance requirements which can be both a barrier for sellers to use your platform and a risk for non-compliance that can harm both your and their business.
PRODUCTS
What Fonoa offers to marketplaces
Our products help you establish the tax status of your suppliers and customers, determine if and what taxes apply to your transactions and allow you to report your transactions to tax authorities throughout the world in real time or periodically.
OBLIGATIONS
PRODUCTS
Through our product, we help you establish the tax status of your suppliers and customers, determine if and what taxes apply to your transactions and allow you to report your transactions to tax authorities throughout the world in real time or periodically.
OBLIGATIONS
PRODUCTS
Through our product, we help you establish the tax status of your suppliers and customers, determine if and what taxes apply to your transactions and allow you to report your transactions to tax authorities throughout the world in real time or periodically.
Learn how Fonoa can automate and streamline your tax and compliance processes for greater control and scale.
Schedule a demo today.
