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SICPA Launches Virginia Excise Tax System to Modernize Collection of Motor Fuel Taxes for Virginia DMV
SICPA, a global leader in authentication, revenue realization, and secure traceability solutions, in partnership with the Virginia Department of Motor Vehicles (DMV), today announced the successful launch of the new Virginia Excise Tax System (VAETS) to support the collection of nearly $1 billion in state revenue annually for the Commonwealth Transportation Fund. The Virginia DMV signed a 10 year contract with SICPA for approximately $9.5 million to replace its 20 year old tax filing solution.
VAETS, which is based on the SICPA Excise Tax System (SETS), enhances DMV’s ability to reliably collect data on fuel entering the Commonwealth and ensure accurate and timely payment of the taxes due. Providing a suite of services to streamline tax collection and reduce the compliance burden on taxpayers, VAETS allows the DMV to collect fuel tax revenues critical for the maintenance and improvement of roads, public transportation, ports, and airports throughout the Commonwealth of Virginia, all of which are key to economic growth in the region.
“The Virginia DMV is known for excellence. SICPA is honored to be the agency’s partner in delivering the Virginia Excise Tax System (VAETS) to maximize revenue collections, while reducing the administrative burden on both state employees and taxpayers,” said Jane Lute, CEO of SICPA North America. “We look forward to a long and successful partnership with the Virginia DMV.”
SICPA was awarded a 10-year contract in January 2018 to develop and implement the VAETS program to replace the legacy fuel tax system. The functionality of the new system includes account management, licensing, tax filing, payment, revenue distribution, refund, and collections. A second phase of the VAETS rollout will provide enhanced reporting, reconciliation, and auditing functions in summer 2019.