Revenue from Virginia’s fuel tax represents approximately 25 percent of the total revenue devoted to the Commonwealth Transportation Fund (CTF), which provides critical resources for the maintenance and improvement of roads, public transportation, ports, and airports throughout Virginia. Under the contract, SICPA will support the implementation and operation of the new Virginia DMV fuels tax program with its SICPA Excise Tax System (SETS).
Using state-of-the-art technologies, the system will enhance DMV’s ability to reliably collect data on fuel entering the state and ensure accurate payment of the required taxes. In addition, it makes the compliance process easier for the companies responsible for paying the taxes by streamlining functions that are currently housed in several different systems. The SETS functions leveraged for the system include account management, licensing, tax filing, payment, revenue distribution, cross-match analysis, refund, collections, reconciliation, and auditing.
“We are excited to partner with the Virginia DMV to help ensure the Commonwealth collects the revenues needed to support its critical transportation infrastructure” said Jane Lute, CEO of SICPA North America. “The SICPA Excise Tax System (SETS) is an integrated and scalable solution to provide enhanced service delivery to both agency employees and taxpayers.”
Across the U.S. and around the world, SICPA has a demonstrated track record of employing its excise tax solutions to bring transparency and trust to complex, regulated markets like fuel, tobacco, and alcohol. Government regulators and officials rely on SICPA solutions to ensure timely and accurate collection of tax revenues, while identifying and preventing fraud and diversion.