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Laws and regulations surrounding VAT are complex, especially if you have cross-border operations. It is no easy task to determine whether, how much and where VAT should be paid for all a company's transactions. PwC's Taxmarc offers a solution that lets you be in control, and therefore compliant, with all relevant laws and regulations.
Taxmarc is a so-called certified ‘add-on’ to SAP systems that ensures that companies receive a complete overview of all data relevant to determining the VAT owed. As such, it allows for an individual VAT treatment of transactions.
Furthermore, Taxmarc uses an inbuilt control framework to verify at the transaction level whether a transaction, in combination with the VAT details, is consistent and accurate. Taxmarc provides tax directors with insight into the information that the system supplies, without the need to acquire a deep knowledge of the system themselves. Taxmarc speaks a language that the user understands.
If you would you like to know what PwC and Taxmarc can do for you, please contact us.
Software company SAP has certified PwC for the Taxmarc indirect tax engine and integration with SAP S/4HANA. This certification means that SAP guarantees the quality and compatibility of this PwC software solution. Consequently, SAP customers can implement the solution in their SAP S/4HANA system with no risk.
"Taxmarc was already certified for SAP ECC and now it also is for SAP S/4HANA. This is truly a milestone,” says PwC's Marcel Jakobsen (Tax Technology Board Member). Jakobsen is observing an important change at organisations. "The quality of tax data is crucial and it is becoming ever more important now that several countries are obliged to supply VAT data to the Tax and Customs Administration on a real-time basis. It also means that IT departments are exercising an ever-greater influence on the VAT system a company chooses. The quality of the product must therefore be outstanding. This certification provides that guarantee.”