Legislation on indirect taxes like VAT is complex, especially when you’re operating cross-borders. It’s not easy to determine for all transactions if they are liable for VAT and, if so, how much has to be paid. To be in control and compliant with all legislation, Taxmarc can offer a solution.
Taxmarc is an ‘add on’ SAP-systems and gives an insight into all data which is relevant to determine the VAT payable. The system facilitates the VAT-treatment for each individual transaction.
Taxmarc has an integrated control framework too to check whether the VAT- treatment of each individual transaction is correct and consistent. The tool can be applied also to other indirect taxes.
The great advantage of the tool is that it provides tax directors with information generated by a system, without needing special (technical) knowledge to understand the system. Taxmarc speaks the language its users understand.
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 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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