Sabrix has announced support for the 2010 VAT changes for European Union, which include changes in the place of supply of services rules designed to standardise VAT collection based on where services are consumed. The news supports the 2008 KPMG study that shows VAT ‘through-put’ is the third-largest financial outlay – behind sales and purchases for companies – accounting for up to US$1bn of corporate cash flow for larger corporations.
Sabrix says that the latest release of its Application Suite includes several enhancements, such as:
- Enhanced tax determination logic supporting the 2010 VAT changes for European Union Place of Supply Rules for Services to ensure continued compliance and increased control over cash flow.
- Configurable, automated rounding rules at the document and jurisdiction level to enable tax professionals greater flexibility for calculation accuracy.
- Greater reporting performance capabilities to streamline the labour intensive returns process and improve the speed and quality of decision-making.
- Additional application access capabilities for increased security.
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