Tax Management System

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Tax Management System

The solution helps users define flexible tax rates and prepare tax returns accurately and mechanizes the reports and remittance process. It keeps track of each transaction and receipts of amount paid to authorities. Followings are the main features:

  • Flexible Tax Configuration: Solution helps to automate taxes like Property, Sales, Withholding, VAT and Reverse VAT taxes. Solution provides facility to set multiple rates for various taxes with varying starting and ending dates and higher or lower amount to tax. It also calculates taxes for specific described items.
  • Financial Module Integration: The solution integrates with financial modules to calculate taxes. It automatically calculate taxes based on consigned zones of customer, employees and vendors and also adjust manual tax calculations. To generate future tax reports, posts calculated taxes to entitled accounts and general ledger.
  • Flexible Reporting:  Solution configures payable tax reports required by authorities. For tax submission, solution prepares comprehensive reports based on different slots accordingly. Such flexible options helps to generate statistics to fill tax reports and submit to authorities.
  • Tax Transactions Drill Down: The solution keeps record of every transaction mentioning tax payers, taxable amount, paid amount, reference number etc. Such reports are used for tracking paid tax amount against every transaction.  
  • Direct Tax Adjustments: Tax management system provides preview of tax reports and allow modification before submission. The modifications automatically update tax amount in general ledgers.  
  • Audit Trail: Solution presents clear platform of related transaction for audit trail while keeping records of dates, reference numbers and mandatory documents.
  • Payment receipts: Solution is capable to generate both soft and hard copies of payment receipts to submit tax amounts to authorities. 
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KEY BENEFITS

  • Integrate tax jurisdiction
  • Avoid overcharging and underpaying
  • Eliminates the errors and risks
  • Built-in audit

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