Vertex Updates Indirect Tax Solution to Meet Global Transaction Tax Challenges

Vertex, a provider of tax technology and services, has released Vertex Indirect Tax O Series Version 8.0. Expanded functions of the solution address the increasing complexity of global transaction tax management and enhance usability, simplifying taxation and compliance.

“The business world is becoming more globally connected, making tax complexity difficult for companies to navigate on their own. Recognizing this challenge, Vertex O Series Version 8.0’s functionality allows all organizations, particularly those with an international presence, to focus on the business decisions that will impact their bottom line, rather than concerns about compliance,” said Chris Lawrence, solution strategy leader at Vertex. “From VAT enhancements and international adjustments to improved usability, Vertex O Series Version 8.0 makes the otherwise complex tax world simple.”

The intricacies and variety of global fiscal regulations pose tax data management and compliance challenges to multinational companies. Vertex O Series Version 8.0 navigates complex scenarios, provides a necessary level of granularity and ensures accurate processing of VAT withholding taxes. The updated tax solution also improves memory management, error logging and reporting capabilities for all organizations. Additional capabilities include:

Expanded LATAM Capabilities

  • Adjustments specific to Brazil, such as support for DIFAL requirements, automatic commodity code category mapping, including for NCM goods classification codes and services subject to the municipal ISS tax, and identification of the origin of goods prior to sale.
  • Accurate processing and allocation of taxes on goods and services in the 24 Argentinian provinces.
  • Accurate processing of VAT withholding taxes.
  • The capability to specify currency amounts even when different from transactional currency, of particular relevance in relation to Columbia’s Tax Unit Value.

New Eurozone VAT Features

  • Flexibility in assigning reduced or standard rates to VAT group transactions, crucial for Spanish returns that require VAT group transactions at different rates.
  • Support for unique VAT returns date requirements in Spain, Poland and Hungary.
  • Reverse charge support for companies operating in jurisdictions in which registration before legally required to do so is common in order to take input tax credit.
  • Updated Eurozone tax processing compliance.

North America Capabilities Expansion

  • Improved management of exemption certificates for audits and compliance.
  • Certificate/image documentation requirements to ensure the accuracy and availability of certificate documentation in the event of an audit.
  • Expanded web services to set lower level exemptions and pass in reason codes and notes.

Additional Technical Improvements

  • Enhanced memory management, logging and reporting support.
  • Support for the newest versions of SUSE Linux, Windows 10 and Windows Server 2016 as well as Internet Explorer 11 and Edge 12.
  • Additional reporting enhancements.