Taxware accommodates future expansion of European Union

Tuesday 27 July 2004 13:42 CET | News

Taxware a subsidiary of First Data is providing a transaction tax solution that already accommodates the Value Added Tax (VAT) rules and regulations of Bulgaria, Romania and Turkey, the next three countries seeking accession to the European Union (EU).

Taxware solutions accommodate the compliance activities required by businesses engaged in commerce in the EU, including special European Union rules for digital transactions. The recent accession of ten states into the EU was seamlessly accommodated in Taxware systems, implementing law and rate changes several days prior to the May 1, 2004 accession date. Turkey, Bulgaria and Romania charge VAT at the rates of 18 percent, 20 percent and 19 percent respectively. However, each country’s treatment of particular categories of goods and services differs widely. Should their negotiations to join the EU succeed, these three countries will need to ensure that their VAT systems comply with EU requirements, which may result in considerable changes to rates, regulations and reporting practices. In June, Taxware launched Taxware Enterprise, targeted at mid-to-large-sized enterprises. Taxware Enterprise determines (VAT) and other consumption taxes in more than 170 countries worldwide, many of which change frequently. By possessing robust and up-to-date tax research, Taxwares in-house tax attorneys and analysts update Taxware Enterprise’s pre-configured tax rules as changes in these jurisdictions demand. Taxware Enterprise can be deployed locally or centrally to manage the tax compliance of multiple related or unrelated companies. Specific compliance activities can be centralised or decentralised to enable any organisation’s control or cost-saving objectives.

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Categories: Payments & Commerce | Payments General
Countries: World
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Payments & Commerce