Brexit and De Minimis e-commerce Solution
(PRESS RELEASE) STOCKHOLM, 25-Mar-2021 — /EuropaWire/ — Bring Ventures, Norway Post venture arm, invests in Crossborderit (CBIT). Other investors participating are such as Per Victor founder of Firstvet, Clover Hill Holdings LTD. and MEI Invest.
Crossborderit (CBIT) offers a comprehensive approach to joining the supply chain focusing on business to consumers e-commerce shipments. Carrier agnostic, CBIT creates an API solution that allows transparency with shippers, merchants and Carriers. The result is a turnkey solution providing easy clearances to brokers and the Guaranteed payment of Duties and taxes.
Massive challenges in clearance and tax payments increases with Brexit and the upcoming De Minimis removal in Europe. As postal services and carriers scramble with Brexit challenges and the looming July 1st deadline for all Cross-border shipments into Europe to require Value Added Tax (VAT).
As e-commerce shipments begin to grow and EU rules change to ask for payment of taxes on entry the bottle neck that has been felt during Brexit is expected to expand across Europe.
“Crossborderit (CBIT) offers a simple solution to postal services with minimal integration that can guarantee real time payments of taxes and duties as well as easy low-cost clearances. And this is a solution we believe will make commerce easier across borders and solve a painpoint in global trade,” says Siri Marie Hagen, Investment Manager Bring Ventures.
“We are happy to have a so forward-looking company with deep competence in the postal and logistics area as Bring (Norway Post) as investor and take part of their ecosystem,” says Damon Baca, co-founder CBIT, “we are looking forward to a strong successful relationship with Bring (Norway Post).”
“CBITs solution is a rallying signal to postal carriers and couriers that the complicated challenge of e-commerce shipping and the collection and disbursement of duties and taxes is immediate and challenging but solvable,” says Damon Baca.
Postal Carriers, Couriers, e-commerce merchants and anyone distributing products within the EU can simplify the process, build customer loyalty and truly integrate the e-commerce environment.
It is a strong team behind CBIT with deep competence in global trade, shipping and in duties and taxes.
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SOURCE: Crossborderit (CBIT)