Avalara announced the launch of Avalara ExciseRates, a free fuel tax calculator enabling buyers and sellers of bulk fuel to quickly determine the excise taxes that apply to any bulk fuel transaction in North America.
The ExciseRates calculator is powered by the cloud-based sales tax compliance provider’s AvaTax Excise solution, which identifies and calculates indirect taxes for fuel transactions with built-in support for all major jurisdictions in the U.S., Canada and Europe. With AvaTax Excise, companies can quickly calculate excise taxes for accurate invoicing, accruals and reconciliation of energy-related indirect taxes.
“Midstream and downstream energy companies operate in a highly regulated industry,” stated Matt Tormollen, executive vice president and general manager of Avalara’s Excise & CertCapture Divisions. “Whether acting as a fuel refiner, supplier, distributor, retailer, or energy trader, each time the company sells or moves fuel, it is subject to one or more taxes. And, since fuel excise taxes are charged at multiple levels - federal, state, county, and city, correctly calculating the taxes that apply to a transaction can be extremely time consuming and complex - not to mention costly when calculated incorrectly. ExciseRates gives any participant in the transaction a simplified view of their risk and obligation.”
More information on the free service is available here.
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