Lovat Empowers Marketplaces with Automated DAC7 Reporting, Simplifying EU Compliance

Edinburgh, May 02, 2024 – Lovat, today announced a major update to its platform. This enhancement is specifically designed to simplify compliance with new European regulations, empowering marketplace operators to navigate the complex landscape with ease.

“We understand the challenges that online marketplace operators face in staying compliant with evolving regulations,” said Olga Maksimova, CEO at Lovat. “Our latest update simplifies DAC7 reporting by automating the process and ensuring all necessary seller data is captured. This empowers marketplace founders to focus on growing their businesses with confidence.”

Key features of the Lovat DAC7 reporting solution include:

• Automatic report generation;
• Secure data collection and storage;
• User-friendly interface for easy access and management;
• Automatic notifications to sellers included in the report.

Lovat’s approach goes beyond just automation. The company’s development philosophy is rooted in user-friendliness. Their development team, comprised of both tax specialists and software developers, works together to create intuitive interfaces that simplify complex tax regulations. This ensures that even non-tax experts can navigate Lovat’s platform with ease.

DAC7 represents a growing trend towards increased tax transparency in the digital age. Lovat is at the forefront of this movement, developing solutions that not only address current challenges but also anticipate future regulatory shifts. Looking ahead, similar regulations are expected to be implemented in UK, Australia, and New Zealand by the end of 2024. Lovat’s platform is designed to adapt and comply with these upcoming changes, ensuring our clients stay globally compliant.  Their commitment to innovation ensures that their clients stay compliant and empowered to thrive in the ever-evolving e-commerce landscape.

About Lovat

Founded in 2018 by a team of passionate tax experts and software developers, Lovat is a trusted partner for over 3,000 eCommerce businesses in 47 countries, simplifying tax compliance across 111 nations. 

Lovat leads the way in tax management solutions through their cutting-edge software platform. Specializing in comprehensive services, they offer solutions for:

• Tax registration
• Sales tax compliance
• VAT management
• EPR reporting
• Tax cloud services
• Sales tax calculator

And more

Their expertise extends across diverse sectors, with a focus on delivering exceptional solutions in the B2C, B2B, and SaaS spaces within the dynamic FinTech market segments. At Lovat, they empower businesses to navigate the intricacies of tax management effortlessly, ensuring compliance, efficiency, and sustained success. For more information visit https://vatcompliance.co/ and follow us on LinkedIn and Twitter.

Media contact: 
info@vatcompliance.co