New Sabrix Functionality for Industry and Business-Specific Tax Management Creates New Benchmark for Flexibility in Transaction Tax Compliance
Latest Version of Sabrix Application Suite Offers Custom Authorities and Allocations Support
SAN RAMON, Calif. – February 15, 2006 — Sabrix™, Inc., the leading provider of Consolidated Transaction Tax Management™ applications, announces a new version of Sabrix Application Suite with improved flexibility, enhanced compliance features, and expanded VAT and international support. The latest version of Sabrix offers the ability to add custom authority transaction taxes specific to different industries and to allocate tax for discrete line items within larger transactions. These powerful features are delivered directly into the hands of a tax professional with configuration in just a few clicks, not complex code changes, raising the bar on ease-of-use and flexibility for transaction tax software.
Sabrix offers the most flexible and easy-to-use platform for managing all transaction tax types, including sales, use, VAT, and now, industry-specific tax and fees. These industry-specific taxes, such as refuse collection, tire, fuel and battery fees, and "sin" taxes on alcohol, cigarettes, and other tobacco products, can be of equal or greater magnitude to sales, use and VAT transaction taxes for companies in certain industries. In-house tax experts can create unlimited company-specific custom authorities, with associated rates and rules, to ensure complete transaction tax coverage tailored to their corporation. Sabrix also offers allocations support to help tax professionals dynamically split a single sales or purchase transaction into multiple tax line items for more accurate tax determination and calculation.
"Companies today not only want to optimize all processes for control and compliance but also optimize them to the specific requirements of their individual businesses," states Steve L. Adams, president and CEO. "Building on our recent product innovations, the latest version of Sabrix Application Suite further enables corporate tax professionals to manage taxes with improved detail and point and click configuration features. Again, our continued focus is to empower tax professionals with tools for lights-out tax administration—freeing them from reliance on IT for code changes in their tax applications and allowing them to apply their true expertise for value-add business planning."
Sabrix's latest Consolidated Transaction Tax Management application enhancements include:
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Tax Management Flexibility.
Sabrix offers new customization features to deliver flexible transaction tax management and accuracy through point and click functionality, not complex code changes.
Custom Authorities
– Create business-specific transaction tax types, rates, fees and rules to fully automate determination, calculation, and reporting for custom authorities. Sabrix empowers in-house tax experts to model unique industry and business complexities for consistent efficiency.Allocations
– Manage complex transactions for greater accuracy across multiple scenarios including the ability to split bundled transactions into discrete line items to avoid overpayment on product bundles containing taxable and non-taxable items; to manage mixed contracts identifying authority service tax rules apart from goods taxation; and to eliminate manual allocation calculations associated with centralized purchasing activities.Calculation Methods Library
– Control tax calculation with the largest transaction tax calculation library available, supporting more than 9,600 rules. Recent enhancements include fee on quantity and flat fee calculation methods, and support of multiple commodity trees. Calculation methods also support unlimited product taxability when combined with custom authorities.
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Enhanced Compliance Management.
Building on its commitment to provide the most comprehensive and easiest to use tax compliance solution, including support for Sarbanes-Oxley Act and other international legislation, Sabrix has added enhanced audit support and tax authority detail features.
Audit Data Management
– Maintain a "single source of truth" of tax audit data for improved Sarbanes-Oxley compliance. Tax professionals have easy look-up access to complete, detailed invoice histories, including all versions of an invoice with centralized audit data, to ensure audit data accurately reconciles to the tax return.Authority-Specific Messages
– Comply with EU Sixth Directive mandates for language-specific messages on invoices involving exemptions, triangulation, or reverse charge procedures. Sabrix provides the required local language messages, including references to local tax law as required by the taxing authorities, and supports the creation of custom authority-specific VAT messages for maximum flexibility. By automating authority-specific messages, companies can lower the total cost of compliance and eliminate manual compliance processes for greater consistent accuracy, control and efficiency.
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VAT/International Extensions.
In addition to authority-specific messages for enhanced VAT compliance, the latest edition of the Sabrix Application Suite also offers more accuracy and efficiency in determining tax authorities, rates, and rules.
Zone Aliases
– Translate natural language addresses for accurate tax authority resolution. Simplify ERP data integration with intelligent address data cleansing controls that include built-in pattern matching to eliminate abbreviation mismatches, standard zone matching for alternate spelling or localized names, and the ability to create custom zone aliases.Enhanced Brazil and India Support
– Improve tax determination accuracy, efficiency, and control for international transactions with coverage of the most complex and latest VAT entrance countries. Use enhanced jurisdiction determination for ICMS and ISS tax management in Brazil and expanded support for India's recent introduction of state VAT. Sabrix continues to offer full support of all related federal authorities in Brazil and India including the Federal Social Contribution taxes (PIS, COFINS), Industrialized Products tax (IPI) and India's Central Sales Tax, Service Tax & Education levy.
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