Sabrix First to Enable Tax Departments to Support Recently Expanded European Union
SAN RAMON, Calif. - May 19, 2004 — Sabrix, Inc., a leading provider of enterprise tax applications, today announced the latest release of its transaction tax research and application suite. As a result, Sabrix customers are the first multinational corporations to have an off-the-shelf, centralized transaction tax system that enables them to comply with the most recent tax changes resulting from the addition of 10 new member states to the European Union (EU).
Sabrix continues to lead the industry with enterprise transaction tax management for sales and use tax and Value-Added Tax (VAT) in 119 countries. On May 1, the European Union admitted 10 new member states, including Cyprus, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Malta, Poland, Slovakia and Slovenia. On their admittance, the tax laws in each country were modified to follow the Sixth Directive for VAT. Sabrix provided immediate support for these changes effective May 1, 2004.
"The expansion of the European Union has created excitement and new business opportunities for many companies; however, it can also create pain for companies who must comply immediately with the new tax laws," said David McRaven, director of tax research for Sabrix. "Consistent with our strategy to empower tax professionals, we immediately enabled our customers to support commerce within the broader EU--without any additional configuration or programming by their IT staffs. With our timely tax research, there's no waiting to be in compliance, no ugly manual processes to respond to these types of market changes, and no new audit risks because of changes in tax law."
The Sabrix Application Suite Version 4.2, also announced today (see separate release), provides additional functionality for domestic and international tax management. Each enhancement is aimed at reducing the burden on tax professionals who often must use manual processes to comply with constantly changing tax laws. By implementing the newest version of the Sabrix Application Suite, tax professionals create even greater tax savings, spend less time on compliance, and more time on planning and optimization of the company's tax position. Additional international tax enhancements now supported by the Sabrix Application Suite Version 4.2 include:
- Support for special tax transactions between EU countries and their commonwealths that are not part of the national VAT regime. For example, shipments of goods from the United Kingdom to the Channel Islands are treated as exports and not as a domestic transfer.
- Functionality for "point of import" transactions in which goods are brought into the EU through one port and then transported to another member state. The Sabrix Application Suite can calculate import VAT and acquisition VAT as one transaction, greatly simplifying reporting, especially for companies with warehousing subsidiaries.
- Support for "non-established taxable persons" (NETP) exceptions, including reverse charges where the seller is registered, but not established. The Sabrix Suite evaluates transactions based on individual country laws to determine the applicability of reverse charges.
- Expanded Canadian federal and provincial goods sales tax (e.g., HST, PST, QST) capabilities for self-movement of goods within Canada. The Sabrix Suite also supports "buyer self-assessment of consumption tax" in specific provinces.
Availability
The Sabrix Application Suite Version 4.2 and Sabrix Tax Research for 119 countries are currently available. For more information about Sabrix solutions, please visit www.sabrix.com, or call 1-866-4-SABRIX (U.S.), or +1 925 543 0110 (international).
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