The Standard package is primarily designed for companies that run medium complex business models. It offers a VAT compliant determination solution and does not only address the shortcomings in standard SAP VAT determination, but also ensures control of VAT with the integrated VAT Control Framework in a transparent and easily maintainable way.
It includes features to optimize workforce efficiency and realize lower maintenance costs. The Standard package automates all VAT determination for sales-order based transactions, including intercompany transactions and it ensures issuing VAT compliant invoices.
The key objective is to define the correct VAT treatment for the specific sales transactions:
- Automated VAT determination of: standard triangulation, VAT group scenarios, bonded/VAT warehouses, domestic reverse charge, special VAT regions (e.g. Canary Island), plants abroad scenarios, intra EU and export supplies and supplies of services
- Automated VAT code determination for intercompany invoices
- VAT determination based on available customer VAT registration numbers
In the VAT compliance functionality the invoice requirements and controls are covered:
- Required VAT data to comply with invoice requirements
- Automated sequential invoice numbers per tax jurisdiction
- An integrated Tax Control Framework which ensures that transactions that fail to comply with VAT requirements are automatically blocked (immediate resolving the non-compliance) or processed via an emergency table (retrospective correction)
Functionality for effective and efficient management of VAT in SAP is possible with the following features:
- Taxmarc™ Cockpit
- Standard SAP IMG (Implementation Guide) functionality to implement and customize the Taxmarc™ solution and enabling easy and cost-efficient maintenance
- Smart VAT condition design,using a maximum of approximately 250 conditions per tax jurisdiction (low maintenance costs)
- Smart foreign VAT registration design: adding a new VAT registration number automatically activates the applicable VAT condition records and tax codes when a VAT country is already available in Taxmarc™