Introduction
To streamline your international tax compliance, Anrok handles the entire remittance process from calculation to payment on your behalf. Our automated system calculates tax due, manages currency conversion with built-in protections against exchange rate fluctuations, and ensures timely filing and payment to tax authorities.
VAT remittance procedure
Here’s a summary of the VAT remittance processing handled by Anrok when filing global VAT returns on your behalf:
| ➀ Calculation | ➁ FX conversion | ➂ ACH debit | ➃ Remittance |
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Anrok will calculate the tax due for the global jurisdiction in the local currency based on the transactions included in the return. When the return is ready for review, it will be listed on the Returns & payments page with a Once the return has been approved, it will move to a |
Anrok will add a 2% buffer to account for foreign exchange (FX) fluctuations between the day the initial ACH debit occurs and the day Anrok wires to the jurisdiction. Anrok will lock an FX rate and convert the tax amount plus the buffer into USD. There is an additional $50 USD bank processing fee per return. |
The total amount of tax due, along with the 2% foreign exchange (FX) buffer and the $50 bank processing fee, will be debited from the bank account listed on your Settings page via ACH. If your bank account information has changed in any way or if you would prefer to use a different bank account moving forward, we recommend immediately updating your account details to ensure a smooth remittance process. See Change your bank account. |
Anrok will file the return through your global jurisdiction’s sales tax account and wire the converted tax due amount to the tax authority in the local currency. Key remittance points to keep in mind:
Once the return has been filed by Anrok, it will move to a |
Note
Anrok will process sales tax remittances as ACH entries on the Customer’s behalf through Anrok's Bank Partner and the ACH system operated by the National Automated Clearinghouse Association (NACHA). Anrok is not a bank.
Foreign exchange (FX) transactions may involve rate differentials that contribute to the operational costs and revenue of Anrok and its Bank Partner when processing cross-currency remittances.
VAT remittance process FAQs
We understand you may have questions related to VAT remittance in Anrok. Many of these questions are common, so let's work through some of these commonly asked questions together:
Why is the foreign exchange (FX) rate I see online different from Anrok’s rate?Anrok sources exchange rates through our banking providers, which offer real-time, executable rates. The rates you see online may be indicative only. They may not reflect truly executable rates and can be quickly outdated based on changes in the market. |
Are Anrok’s foreign exchange (FX) rates competitive?Anrok's FX rates are competitive. Because our banking provider processes high transaction volumes across clients, Anrok benefits from access to institutional-level FX pricing. These rates reflect current market conditions and are designed to provide customers with reliable conversions at the time of payment. |
Are there bank processing fees for return payments?Anrok passes through a $25 international wire fee per payment, which is charged by our banking provider. In addition, Anrok applies a $25 processing fee per payment for managing the payment itself. This covers services such as automatically submitting payments on our customers’ behalf so you don’t have to manage them manually. It also ensures funds are received on time and correctly allocated with the tax authority. |
Does Anrok have bank account requirements for processing international payments?In order for Anrok to automatically process payments, we require a U.S. bank account. |
Can I choose to submit my own return payments?If you’re already registered and filing on your own and later port that existing registration to Anrok, you can continue to self-remit. However, if you register through Anrok, it’s an all-in service. This means both the filing and payment must be completed through Anrok, as we manage the full compliance process end-to-end. |
VAT remittance management resources
These articles can provide additional recommendations for managing remitting jurisdictions and handling tax refunds when they appear on your returns, including how they affect the remittance process: