Software company SAP has certified PwC's Taxmarc software solution and its integration with S/4HANA. This is SAP's way of guaranteeing the solution's quality and compatibility. As a result, the customers of SAP can implement the solution without encountering problems in their SAP systems.
Taxmarc is an indirect tax (VAT) engine for SAP systems and is able to determine the appropriate VAT treatment for procurement and sales transactions in SAP systems, even for the most complex international scenarios.
Taxmarc features an integrated tax control framework, whereby all transactions and VAT details are immediately checked at the source for consistency and correctness. This is crucial because more and more tax authorities worldwide are requesting data directly from ERP systems.
"Taxmarc was already certified for SAP ECC and now as well for SAP S4/HANA, this is a real milestone”, says Marcel Jakobsen (Tax Technology Board Member) from PwC. Jakobsen has noticed a major change within organisations. “The quality of tax data is crucial and becomes more and more important since the number of countries where indirect tax data should be submitted real-time to the tax authorities is increasing. This entails that IT departments are having an increasingly bigger say when selecting the company's VAT system. This means products must offer impeccable quality. And that's what this certification guarantees."
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