TaxWare Announces Global Sales Tax Capability

by Amanda Banks, Tax-News.com, London

17 March 2006

Tax software firm Taxware has announced the release of TaxSolver® version 5.1, the first tax reporting software for corporations to feature tax forms on a global basis.

Adding to its sales and use tax return system for the United States and Canada, TaxSolver 5.1 now incorporates reporting functionality for Value Added Tax (VAT) returns for 10 EU countries – including Austria, Belgium, France, Germany, Ireland, Italy, Luxembourg, Portugal, Spain and the United Kingdom, representing over 80.1 percent of the $11.7 (USD) trillion EU market – with tax forms for the remainder of the 15 EU countries currently scheduled for delivery by early summer.

“This is a major expansion of the TaxSolver product, and an industry first for corporate transaction tax reporting,” said Tim Walsh, Director of Product Management and Application Support at Taxware. “Using TaxSolver, companies will be able to populate VAT returns by accepting data feeds from Taxware Enterprise, Taxware’s global tax calculation engine, rather than having to complete printed forms manually. This end-to-end solution will eliminate the need to re-key data and the corresponding risk of human error this entails.” Walsh continued, “This is the first stage of an ambitious development program for TaxSolver that includes the addition of many more International tax forms beyond the EU over the coming year.”

TaxSolver will also accommodate both Intrastat and VIES reporting through the Taxware Enterprise integration. Although a free market exists within the European Union, companies must still collect and submit statistics on trade between member states, a process known as Intrastat reporting. These reports are then submitted on a quarterly basis to the VAT Information Exchange System (VIES), the administrative body that facilitates the exchange of VAT data between all the tax administrations in the European Union.

“Taxware customers are increasingly seeking global functionality,” said David Treinen, President of First Data Government Solutions. “This latest release of TaxSolver demonstrates our commitment to helping them navigate the increasingly complex international regulatory issues, while at the same time allowing them to focus on the more business-critical activities required for growth.”

Compatible with leading financial and ERP software systems, TaxSolver processes and converts imported data to generate tax returns automatically. While allowing a corporation’s accounting staff to focus on higher-value financial activities rather than completing tax forms, TaxSolver’s internal control features also form a critical component of Sarbanes-Oxley Section 404 compliance. Additionally, TaxSolver assigns and tracks payment information, schedules filing frequency and estimated payments, electronic filing, and automatically incorporates updated tax rates and forms each month.

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