Sabrix Creates Benchmark for Flexibility in Transaction Tax Compliance


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Sarbanes Oxley : Technology : Back Office

Sabrix Creates Benchmark for Flexibility in Transaction Tax Compliance

Application Suite Offers Custom Authorities and Allocations Support

Steve Adams
CEO
Sabrix

Sabrix has announced a new version of Sabrix Application Suite with improved flexibility, enhanced compliance features, and expanded VAT and international support. The latest version of Sabrix offers the ability to add custom authority transaction taxes specific to different industries and to allocate tax for discrete line items within larger transactions. These powerful features are delivered directly into the hands of a tax professional with configuration in just a few clicks, not complex code changes, raising the bar on ease-of-use and flexibility for transaction tax software.

Sabrix offers the most flexible and easy-to-use platform for managing all transaction tax types, including sales, use, VAT, and now, industry-specific tax and fees. These industry-specific taxes, such as refuse collection, tire, fuel and battery fees, and ?sin? taxes on alcohol, cigarettes, and other tobacco products, can be of equal or greater magnitude to sales, use and VAT transaction taxes for companies in certain industries. In-house tax experts can create unlimited company-specific custom authorities, with associated rates and rules, to ensure complete transaction tax coverage tailored to their corporation. Sabrix also offers allocations support to help tax professionals dynamically split a single sales or purchase transaction into multiple tax line items for more accurate tax determination and calculation.

?Companies today not only want to optimize all processes for control and compliance but also optimize them to the specific requirements of their individual businesses,? states Steve L. Adams, president and CEO. ?Building on our recent product innovations, the latest version of Sabrix Application Suite further enables corporate tax professionals to manage taxes with improved detail and point and click configuration features. Again, our continued focus is to empower tax professionals with tools for lights-out tax administration?freeing them from reliance on IT for code changes in their tax applications and allowing them to apply their true expertise for value-add business planning.?

Sabrix?s latest Consolidated Transaction Tax Management application enhancements include:

Tax Management Flexibility. Sabrix offers new customization features to deliver flexible transaction tax management and accuracy through point and click functionality, not complex code changes.

• Custom Authorities ? Create business-specific transaction tax types, rates, fees and rules to fully automate determination, calculation, and reporting for custom authorities. Sabrix empowers in-house tax experts to model unique industry and business complexities for consistent efficiency.

• Allocations ? Manage complex transactions for greater accuracy across multiple scenarios including the ability to split bundled transactions into discrete line items to avoid overpayment on product bundles containing taxable and non-taxable items; to manage mixed contracts identifying authority service tax rules apart from goods taxation; and to eliminate manual allocation calculations associated with centralized purchasing activities.

• Calculation Methods Library ? Control tax calculation with the largest transaction tax calculation library available, supporting more than 9,600 rules. Recent enhancements include fee on quantity and flat fee calculation methods, and support of multiple commodity trees. Calculation methods also support unlimited custom transaction types when combined with custom authorities.

Enhanced Compliance Management. Building on its commitment to provide the most comprehensive and easiest to use tax compliance solution, including support for Sarbanes-Oxley Act and other international legislation, Sabrix has added enhanced audit support and tax authority detail features.

• Audit Data Management ? Maintain a ?single source of truth? of tax audit data for improved Sarbanes-Oxley compliance. Tax professionals have easy look-up access to complete, detailed invoice histories, including all versions of an invoice with centralized audit data, to ensure audit data accurately reconciles to the tax return.

• Authority-Specific Messages ? Comply with EU Sixth Directive mandates for language-specific messages on invoices involving exemptions, triangulation, or reverse charge procedures. Sabrix provides the required local language messages, including references to local tax law as required by the taxing authorities, and supports the creation of custom authority-specific VAT messages for maximum flexibility. By automating authority-specific messages, companies can lower the total cost of compliance and eliminate manual compliance processes for greater consistent accuracy, control and efficiency.

VAT/International Extensions. In addition to authority-specific messages for enhanced VAT compliance, the latest edition of the Sabrix Application Suite also offers more accuracy and efficiency in determining tax authorities, rates, and rules.

• Zone Aliases ? Translate natural language addresses for accurate tax authority resolution. Simplify ERP data integration with intelligent address data cleansing controls that include built-in pattern matching to eliminate abbreviation mismatches, standard zone matching for alternate spelling or localized names, and the ability to create custom zone aliases.

• Enhanced Brazil and India Support ? Improve tax determination accuracy, efficiency, and control for international transactions with coverage of the most complex and latest VAT entrance countries. Use enhanced jurisdiction determination for ICMS and ISS tax management in Brazil and expanded support for India?s recent introduction of state VAT. Sabrix continues to offer full support of all related federal authorities in Brazil and India including the Federal Social Contribution taxes (PIS, COFINS), Industrialized Products tax (IPI) and India?s Central Sales Tax, Service Tax & Education levy.

Sabrix is a leading provider of Consolidated Transaction Tax Management software and services, enabling tax and IT professionals to manage sales, use and VAT with consistent accuracy, control, and efficiency. Sabrix's Transaction Services-Oriented Architecture? provides a consistent way to determine, calculate and record any transaction-related tax to manage compliance and optimize cash flows, for a single application or on a global scale. The company's customers include BASF, Cendant, Cisco, DTE Energy, IBM and York International. Founded in 2000, Sabrix is based in California, with operations in North America and Europe.

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