Taxmarc™ Tax Engine: no interface or hardcoding

Posted on July 17, 2014 by Richard Cornelisse

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.

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About Richard Cornelisse

I advise multinational businesses in improving the efficiency and effectiveness of their Indirect Tax Function and Tax Control Framework. I started my career as a manager at Arthur Andersen and then became a partner in EY where I led the indirect tax performance team for Netherlands and Belgium. Currently I am a senior managing director of Phenix Consulting. I have over 20 years’ experience advising clients on international VAT issues. I am specialized in the tax aspects of financial transformations, shared service centre migration, and post merger integration work. I am also somewhat of a mentor, giving back to the profession. If you are interested in conversation and discussion, please feel free to contact me.

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This entry was posted in Automating complex VAT flows in SAP, Control Framework, enhancement implementation, SAP add on, SAP enhancement point, SAP for VAT, SAP implementation, user exit, VAT automation, VAT Control and tagged add, add-on, automation, billing pitfalls, classification, complex, control, control framework, demo, determination, determine, drop shipment, engine, ERP VAT consulting, export, EXW, finance, flows, iDocs, import, logic, pickup, plants abroad, reporting, SAP, SAP add-on, SAP challenge, SAP functionality, SAP landscape, Standard SAP, tax condition record, tax control framework, tax destination country, tax technology, Taxmarc™, turn-key solution, VAT, VAT add-on, vat control framework, VAT flows, VAT for SAP, VAT registration, WIA. Bookmark the permalink.