Key Considerations for Expanding Your Subscription Business Internationally

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1 Education Series Key Considerations for Expanding Your Subscription Business Internationally November 18, 2015 Presented by Ben Bowler - Director Product Management, Recurly Alexa Boyce - Senior Manager of Global Tax, Avalara Powering Subscription Billing Success

2 Expanding Your Subscription Business Internationally Ben Bowler Director of Product Management, Recurly Alexa Boyce Senior Manager of Global Tax, Avalara Introduction: The ever-changing international business landscape Key considerations for scaling your subscription business internationally Common challenges and proven strategies for handling global tax Q & A Recurly Education Series: Key Considerations for Expanding Your Subscription Business Internationally 2

3 The International Business Landscape

4 The International Business Landscape Subscriptions are going global Estimated 15M+ subscription businesses worldwide Recurly merchants have experienced 100+% growth internationally year-over-year OTT growth alone is expected to quadruple in Europe and Asia by 2019 Stringent and shifting regional regulations and compliance standards Recurly Education Series: Key Considerations for Expanding Your Subscription Business Internationally 4

5 Key Considerations Scaling Your Subscription Business Internationally

6 Key Considerations for International Expansion International Payments Payment Gateways Security and International Compliance Minimizing Declines and Reducing Churn Localization International Business Reporting Global Service and Support Global Tax Recurly Education Series: Key Considerations for Expanding Your Subscription Business Internationally 6

7 Accepting International Payments Pros and cons of establishing local presence Understand domestic acquiring service options Determine payment methods Must-have: flexible currency handling Recurly Education Series: Key Considerations for Expanding Your Subscription Business Internationally 7

8 Choosing the Right Gateway Pros and cons: choosing regional vs. global Pros and cons: one vs. multiple gateways Recurly Education Series: Key Considerations for Expanding Your Subscription Business Internationally 8

9 Security and International Compliance Major global card issuers Visa and MasterCard require PCI certification Secure mobile payments Prepare for Card Not Present (CNP) Fraud Recurly Education Series: Key Considerations for Expanding Your Subscription Business Internationally 9

10 Minimizing Declines and Reducing Churn Decrease credit card decline rates up to 10% by accepting local currencies Card account information constantly changes Take advantage of Account Updater features! Recurly Education Series: Key Considerations for Expanding Your Subscription Business Internationally 10

11 Localization Recurly Education Series: Key Considerations for Expanding Your Subscription Business Internationally 11

12 International Business Reporting Recurly Education Series: Key Considerations for Expanding Your Subscription Business Internationally 12

13 Global Service and Support Responsive service and support with global expertise and local know-how Deep relationships with a breadth of payment providers and local acquiring banks Keep merchants current with changing regulations and compliance standards Recurly Education Series: Key Considerations for Expanding Your Subscription Business Internationally 13

14 Global Tax ` International compliance simplified Avalara 14

15 Subjects we will cover What is VAT VAT Gap in Europe When to register Asia: a changing economy Things to consider when trading globally Making sales tax less taxing 15

16 Introduction Alexa Boyce Senior Manager, Global Tax Making sales tax less taxing CONFIDENTIAL & PROPRIETARY 16

17 What is Value Added Tax? A tax on the final consumer BUT charged on most business transactions too when VAT registered Global guidelines set by OECD Countries then follow for local conditions EU sets rules centrally Companies must register prior to providing first taxable supply (exceptions) Monthly/quarterly/ annual filings with totals of sales and purchases Making sales tax less taxing CONFIDENTIAL & PROPRIETARY 17

18 A global tax love affair VAT regime or similar No VAT system/ Other indirect tax Making sales tax less taxing CONFIDENTIAL & PROPRIETARY 18

19 Why do governments love VAT? Shift tax burden to spenders instead of investment Cheap to collect Quick to change Helps avoid fraud! Making sales tax less taxing CONFIDENTIAL & PROPRIETARY 19

20 The VAT Gap The VAT gap is the difference between the amount of VAT that should, in theory, be collected by the Tax Authorities, against what is actually collected. The VAT total theoretical liability (VTTL) represents the VAT that should be paid if all businesses complied with both: The letter of the law; and The Tax Authorities interpretation of the intention of the European Commission in setting law (referred to as the spirit of the law). Making sales tax less taxing CONFIDENTIAL & PROPRIETARY 20

21 The VAT Gap VAT Gap Estimates, 2013 (million Euros) Country Revenues VTTL2 VAT Gap VAT Gap % VAT Gap % Austria 24,953 28,170 3, % 1.92% Belgium 27,226 30,412 3, % 1.90% Bulgaria 3,775 4, % 0.47% Czech Republic 11,694 15,070 3, % 2.01% Denmark 24,360 26,850 2, % 1.48% Estonia 1,558 1, % 0.19% Finland 18,848 19, % 0.48% France 144, ,510 14, % 8.41% Germany 197, ,878 24, % 14.84% Greece 12,593 19,090 6, % 3.88% Hungary 9,073 12,003 2, % 1.75% Ireland 10,371 11,596 1, % 0.73% Italy 93, ,437 47, % 28.34% Latvia 1,693 2, % 0.43% Lithuania 2,611 4,192 1, % 0.94% Luxembourg 3,485 3, % 0.11% Malta % 0.13% Netherlands 42,424 44,276 1, % 1.10% Poland 27,780 37,911 10, % 6.04% Portugal 13,710 15,068 1, % 0.81% Romania 11,913 20,209 8, % 4.95% Slovakia 4,696 7,209 2, % 1.50% Slovenia 3,045 3, % 0.11% Spain 61,350 73,444 12, % 7.21% Sweden 39,091 40,867 1, % 1.06% United Kingdom 141, ,099 15, % 9.20% Total EU ,843 1,101, , % % 1: Sources: Eurostat (revenues); Own calculations. Figures in million Euros unless otherwise indicated. National currency figures for countries not using the Euro converted at the average Euro exchange rate (source: Eurostat). 2: VTTL = VAT Total Theoretical Liability Making sales tax less taxing CONFIDENTIAL & PROPRIETARY 21

22 When do I need to register for VAT? The Place of Supply is the key. - What am I supplying? - Who are my customers? - What are the delivery terms? - What are the industry-specific rules on my type of supply? Making sales tax less taxing CONFIDENTIAL & PROPRIETARY 22

23 Example: Holding Stock IC Dispatch EU B2B B2C Distance Sale Export EU RoW Making sales tax less taxing CONFIDENTIAL & PROPRIETARY 23

24 Example: Cross-Border Goods Movement B2B B2C Import Import VAT is due when goods clear customs If you sell goods on a DDP basis, your final sale is taxable at the destination VAT is calculated on the Tax Base which is item price plus duties, delivery and insurance. Import Import RoW Making sales tax less taxing CONFIDENTIAL & PROPRIETARY 24

25 Example: Cross-Border Goods Movement Unit Cost: $1,000 Duty: $47 4.7% Insurance $10 Delivery $100 Taxable Value: $1,157 VAT: $ % Landed Cost $1, Import RoW Making sales tax less taxing CONFIDENTIAL & PROPRIETARY 25

26 Example: Digital Services Broadcasting Services Radio, television, film streaming, terrestrial, satellite cable E.g. Telecommuni cation Services Transmissi on of messages for communica tion Electronically Supplied Services (e- Services) Online fan club membershi ps, dating websites, online Making sales tax less taxing CONFIDENTIAL & PROPRIETARY 26

27 2015 B2C digital services change 2015 EU VAT Package Place of Supply Changes: Place of supply of Digital Services to a private individual changed to place where consumer is based: Destination. Place of supply changes apply to transactions between EU supplier and EU consumer Non-EU suppliers: supply has been destination based in EU since 2003 Making sales tax less taxing CONFIDENTIAL & PROPRIETARY 27

28 Changes for EU suppliers UK LU Digital UK Digital Services Seller Services Seller Pre-2015 LU VAT 15% LU VAT Return Post-2015 FR VAT 20% MOSS Return Consumer Business Germany Germany France Consumer Making sales tax less taxing 28

29 Rules for non-eu suppliers UK US Digital UK Digital Services Seller Services Seller Pre-2015 FR VAT 20% VoES Return Post-2015 FR VAT 20% MOSS Return Consumer Business Germany Germany France Consumer VAT Calculation is the same Making sales tax less taxing CONFIDENTIAL & PROPRIETARY 29

30 The Mini One Stop Shop (MOSS) CONFIDENTIAL & PROPRIETARY Making sales tax less taxing 30

31 Digital Services Globally The rest of the world follows the EU Current Planned Norway New Zealand - Oct 2016 Iceland Australia - Jan 2017 Albania Switzerland ? Morocco South Africa South Korea Japan Making sales tax less taxing CONFIDENTIAL & PROPRIETARY 31

32 Asia A changing economy India: New GST regime on the horizon To replace current antiquated & overlapping system of VAT, CENVAT, Service Tax & Professional Tax plus central and state sales taxes Rollout has been promised for 5 years Malaysia: GST replaced Sales and Services tax on April 1 st 2015 China: Going through major indirect tax reforms since 2012 Aim is to shift fiscal burden from Corporates to consumers Expected completion by end of 2016 Currently highly complex Making sales tax less taxing CONFIDENTIAL & PROPRIETARY 32

33 Asia How do I comply? Do I need to set up a local company? What other obligations will this create? Do I need a Fiscal Representative? What language do they use? Making sales tax less taxing CONFIDENTIAL & PROPRIETARY 33

34 Things to consider when expanding globally What is my Place of Supply? What are the local rules? How do I register? What are my ongoing obligations? Making sales tax less taxing CONFIDENTIAL & PROPRIETARY 34

35 Thank You Questions? recurly.com /company/recurly-inc- Powering Subscription Billing Success

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