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[Music] [Music] so actually eu passed their rules back like in 2015 they targeted non-residents selling physical or digital goods um they had outside the eu is that what non-resident selling into the eu so non-residents that are selling into the eu so that would be a ton of software companies basically every company is not a you right yeah so they they were kind of the first first to market in terms of having those requirements um but they're the eu right they can kind of do whatever they want when it comes down to single countries they have a lot harder time because they've developed their own rules and then enforce them so what has happened basically since more so since 2018 we have seen a lot 2020 and 2021 and continuing in 2022 we are seeing just all around the globe countries basically enforcing similar rules on non-residents that didn't have you know any kind of presence in the country but creating rules that specifically target non-residents providing digital goods and services i have a big list actually i should just get my big list up and run through it so these are yeah these are all countries that are specifically targeting non like people selling into their their countries for their residents like it's cons it's one of you know me and my teams like we're constantly looking at the laws the rules using our advisors to interpret them um and keeping up on this list because it's ever-changing um some notable ones in 2021 or canada which is you know north to us mexico south to us we had thailand um puerto rico yeah those are so 2020 we mentioned mexico indonesia malaysia chile nigeria kenya 2022 has seen a ton so ukraine israel armenia vietnam cambodia egypt uruguay and these are just the ones that were monitoring because like we have sales there's probably ones on the list where um you know i haven't looked at because we don't have a large sales volume but anybody in charge of tax compliance at a company should really be looking at the thresholds and then where the sales are to make sure they stay ahead of it [Music] europe has some um information reporting rules coming out in 2023 um which will require businesses to start disclosing who they're paying um that's that's huge because now not only are they going to be able to see kind of like what you're filing and remitting on your vat returns but they're going to be seeing how who you're paying and how much so then they can start to monitor and have an idea of like what's out there it's going to be every i i my prediction is that as soon as they're able to really scale this and they have the data on hand they're going to automate enforcement of it things like for information reporting in the u.s they actually came out and stated that they're going to they were going to start looking at software companies to make sure they're in compliance most i'm going to go out and say that that might be that's a very limited scenario most countries aren't gonna come out and notify you like hey we're going out for this industry um you just have to you have to be ready [Music] i was just gonna say that we're also looking at what's starting to on the horizon is um it's they're calling it like electronic invoicing which is basically you have to similar to information reporting is businesses are going to have to start sending each transaction in electronic format to the government uh the local government so they're going to have all the details of the transaction and will be able to compute themselves whether or not you did or did not collect tax that will definitely be a shift because that means you're going to have to do it right there will be some you know there's always a few there's always kind of an implementation period so the rules are gonna hit and then it'll be you know a year before they can really start seeing what's gonna happen but in 2023 there will be big changes so it's kind of like hold on to your seat because it's gonna start [Music] so that so that's if that's the first one like the people who are not collecting sales tax that's them but then there's the three others that we talked about last time which is you might be doing it yourself like somehow trying to you know using a tool to spit out a spreadsheet that says well you you need to remit and file taxes you may be hiring somebody else to do that for you like an accounting firm or you might be using like like a service like ours which is the merchant record so what about those three situations how's life going to change for those three yeah i mean it's up up to the the business but the values of each of them are really like if you're going to do it your own and you do have a lot of filing places um i i do like avalera for the u.s um you do have to know that you have to know how to input all the settings and what rates and how to collect they don't do that for you so you when you set it up you really need a tax resource and then also when you get notices you can outsource thor those but it will cost you definitely um if you're going to go with an advisor they are always going to take the most conservative approach and say oh you have to register and file and collect everywhere um even if it's not good for your business or you know you're willing to take on more risk and they're going to be one of more expensive but you will get hands-on kind of consulting and guidance on what to do the other kind of option is a merchant of record like fafsa where we kind of take that on and do it for you and you always have us as a resource you leverage our tax knowledge because we put it in our product and that's what we use to go to market um you can know like notices sellers can come to me and i will tell them exactly what they need to do sometimes it's super easy sometimes it's a little bit more elaborate but that's that's free they don't pay for that they would pay you know a lot if they had to go to an a a local accounting firm that would do that for them um in an audit they come after fast spring and me and my team work on it they don't come directly to the seller you're not in charge of like monitoring these rules and like these big spreadsheets that i have with every country and the upcoming changes that's all done for you um so it it really i mean i'm a tax person so i think it's a great value-add but it really does help in the long run [Music]