Skip to main content

Vertex Releases Annual Report Detailing Trends Around Sales Tax Rates and Rules

Written by Customer Service on . Posted in Public Companies.

KING OF PRUSSIA, Pa., Feb. 08, 2021 (GLOBE NEWSWIRE) — Vertex, Inc. (NASDAQ:VERX) (“Vertex” or the “Company”), a leading provider of tax technology and services, has released its annual report detailing sales tax rates and rules changes. The report uncovers emerging trends that may create unique challenges for businesses, specifically as jurisdictions look to make up for lost revenue caused by the ongoing COVID-19 pandemic.
Vertex consistently tracks sales tax rates and rules and produces detailed mid-year and end-of-year reports featuring tax data over a 10-year period. These reports are widely referenced by industry groups and indirect tax thinktanks.The 2020 end-of-year report includes the following jurisdictional highlights:70% of new rates occurred at the district level;Although city rate changes returned to their normal pace of change after a spike in the second quarter, 65% of all rate changes were enacted at this level;The number of new taxing cities (69) and new district taxes (177) that materialized in 2020 mark one of the highest in each category during the past 10 years;Sterlington with the Sterlington Economic Development District No. 1, Ouachita Parish, LA now has the highest combined sales tax rate of 12.950; andThe combined average U.S. sales tax rate (10.12%) across all jurisdictions also reached a 10-year high.
“Although the frenetic pace of rate-change activity we saw in early 2020, in particular with cities, slowed in the second half of the year, indirect tax teams still need to keep their eyes on several possible tax trends this year as all jurisdictions look to recover lost revenue and close COVID-related budget deficits,” said Vertex Vice President of Tax Research Bernadette Pinamont. “Given the number and size of state and local budget deficits, a ‘new normal’ for indirect tax policy and activity is almost certain to emerge.”Click here to read more detailed trends and analysis from Pinamont. Download the full 2020 report here.About VertexVertex, Inc. is a leading global provider of indirect tax software and solutions. The company’s mission is to deliver the most trusted tax technology enabling global businesses to transact, comply and grow with confidence. Vertex provides cloud-based and on-premise solutions that can be tailored to specific industries for major lines of indirect tax, including sales and consumer use, value added and payroll. Headquartered in North America, and with offices in South America and Europe, Vertex employs over 1,200 professionals and serves companies across the globe.For more information, visit www.vertexinc.com or follow on Twitter and LinkedIn.Copyright © 2021 Vertex, Inc. All rights reserved. The information contained in this press release is intended for information purposes only, may change at any time in the future, and is not legal or tax advice. Company contact:
Tricia Schafer-Petrecz
Vertex, Inc.
tricia.schafer-petrecz@vertexinc.com
484.595.6142Investor Relations contact:
Ankit Hira or Ed Yuen
Solebury Trout for Vertex, Inc.
ir@vertexinc.com
610.312.2890

Disclaimer & Cookie Notice

Welcome to GOLDEA services for Professionals

Before you continue, please confirm the following:

Professional advisers only

I am a professional adviser and would like to visit the GOLDEA CAPITAL for Professionals website.

Important Notice for Investors:

The services and products offered by Goldalea Capital Ltd. are intended exclusively for professional market participants as defined by applicable laws and regulations. This typically includes institutional investors, qualified investors, and high-net-worth individuals who have sufficient knowledge, experience, resources, and independence to assess the risks of trading on their own.

No Investment Advice:

The information, analyses, and market data provided are for general information purposes only and do not constitute individual investment advice. They should not be construed as a basis for investment decisions and do not take into account the specific investment objectives, financial situation, or individual needs of any recipient.

High Risks:

Trading in financial instruments is associated with significant risks and may result in the complete loss of the invested capital. Goldalea Capital Ltd. accepts no liability for losses incurred as a result of the use of the information provided or the execution of transactions.

Sole Responsibility:

The decision to invest or not to invest is solely the responsibility of the investor. Investors should obtain comprehensive information about the risks involved before making any investment decision and, if necessary, seek independent advice.

No Guarantees:

Goldalea Capital Ltd. makes no warranties or representations as to the accuracy, completeness, or timeliness of the information provided. Markets are subject to constant change, and past performance is not a reliable indicator of future results.

Regional Restrictions:

The services offered by Goldalea Capital Ltd. may not be available to all persons or in all countries. It is the responsibility of the investor to ensure that they are authorized to use the services offered.

Please note: This disclaimer is for general information purposes only and does not replace individual legal or tax advice.