Sabrix Delivers Enhanced European Union (EU) and Sarbanes-Oxley Compliance Solutions
New Version of Sabrix Applications Helps Global 2000 Companies Ensure Compliance with European Union and Sarbanes-Oxley Legislation
San Ramon, CA - June 25, 2003 — Sabrix, Inc., a leading provider of enterprise tax applications that lower the total cost of tax compliance through the centralized management of indirect taxes, today announced a new version of its Sabrix VAT Manager and Sabrix Global Tax Manager applications, including enhanced capabilities for European Union and Sarbanes-Oxley compliance.
In response to new law effective July 1, 2003, the Sabrix VAT Manager and the Sabrix Global Tax Manager handle the taxation of all electronic services transactions, ensuring compliance with the EU Article 9(2)(e) as well as with the special place of supply rules in Article 9(2)(f).
Additionally, both Sabrix applications have improved country-specific, jurisdiction determination logic for the European Union, including country-specific rules for each authority's treatment of registration, establishment, use and enjoyment locations as well as reverse charges. Sabrix applications determine tax according to an individual country's law when taxing goods and service transactions, enabling global corporations to handle EU country specific reporting requirements. Sabrix is the first and only application capable of handling this level of international VAT determination, calculation and reporting. Sabrix VAT and Global Tax Manager applications currently support 86 countries, covering Europe, North America, Latin America and Asia; and Sabrix supports countries such as India and Brazil with complex taxation requirements. Both applications will support the 10 additional countries entering the European Union in 2004 beginning in April 2004.
Also, with this release, all Sabrix applications include a Compliance Dashboard and Audit Database, enabling companies to address Sarbanes-Oxley Section 404 requirements for documented processes and internal controls. With Sabrix applications, tax professionals have a single, real-time view of all transactions and indirect tax exposures as well as a single system of record for tax reporting and audit administration. The Sabrix applications enable companies to respond to Sarbanes-Oxley by maintaining a record of all indirect tax liabilities - regardless of application origin or physical location - for accurate and complete financial reporting.
"Our corporate mission is to empower the tax professional, and this most recent release of Sabrix applications continues to do just that," said Steve Adams, President and CEO of Sabrix. "We have responded to customer and partner requirements for even greater depth in international tax research, and we have responded to U.S. Sales and Use and international VAT tax organizations, who require greater visibility and control of their indirect taxes. And with a single audit database for all applications that need to report tax, we've eliminated the end-of-the-month 'data hunt' so that tax professionals can report their taxes in a more timely and precise way. That's the power of a centralized system."
The Sabrix Solution is available today and in use at global companies such as Cisco Systems, Franklin-Covey, Tektronix, and York.
About Sabrix
Sabrix, Inc. is a leading provider of transaction tax management for companies of all sizes, enabling finance, tax, and IT professionals to achieve accurate, timely, and cost-effective compliance for sales tax, use tax, Value Added Tax (VAT), excise tax and industry-specific taxes and fees. The Sabrix Application Suite serves global enterprises such as Amazon.com, BASF, Cisco, DTE Energy, IBM, QUALCOMM, Sportsman’s Warehouse, and York International. The Sabrix Application Suite seamlessly connects to all financial applications requiring the determination, calculation, and recording of transaction taxes. The company also offers the Sabrix Managed Tax Service™ (MTS), an outsourced transaction tax compliance service that helps finance departments of small-and-medium-sized businesses eliminate the hassle, control their audit exposure, and reduce the total cost of sales tax, use tax, and VAT compliance. Sabrix MTS seamlessly integrates with a company’s existing accounting and e-commerce systems, and, similar to outsourced payroll services, operates as a trusted extension of a company’s finance department to address tax compliance from start to finish: address validation, tax rate maintenance, tax determination and calculation, returns preparation and filing as well as audit research and documentation. For more information, please visit www.sabrix.com.
For press inquiries:
Kurt Foeller
Foeller Communications
sabrix@foellercom.com