Taxmarc™ Tax Engine enables – without interface or external software – a fully automated VAT determination of all sales and purchase transactions in SAP. Taxmarc™ Tax Engine incorporates VAT relevant data of all transactions, including chain transactions between legal entities in order to ensure the correct VAT determination.
Taxmarc™ Tax Engine can be implemented in all recent versions of SAP (R/3 or ECC).
- Fully automated VAT determination of outgoing invoices (AR) on the basis of 30 parameters instead of the 4-8 parameters in standard SAP;
- Automated VAT determination of incoming invoices (AP) based on purchase orders and actual vendor invoices;
- Fully automated VAT determination of chain transactions in SAP with the assurance that the VAT code on sales transactions always correspond to the VAT code on purchase transaction;
- Integrated Tax Control Framework which ensures that transactions that fail to comply with fiscal requirements are automatically blocked. Blocked transactions can be released but are always logged for review;
- Time-stamped tax code structure: no new tax codes are required when VAT/GST rates are changed;
- Taxmarc™ prevents that time-consuming manual processes outside of the system are necessary;
- Taxmarc is fully table-driven and there is no “hard-coding” of tax rules, which results in easy and low maintenance;
- Integrated VAT number validation in SAP;
- All relevant VAT data separately stored in database in SAP (immediate available without any run-time issues);
- Continuous Controls Monitoring for all stakeholders (data analytics)
- Real time access to the company’s blue print;
- Determine impact of business change via simulation with real time data.