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First Data Corp.

Taxware, a First Data Corp. company and a provider of global transaction tax calculation and compliance solutions, has released TaxSolver[R] version 5.1, which it calls the first tax reporting software for corporations to feature tax forms on a global basis. TaxSolver 5.1 now incorporates reporting functionality for Value Added Tax (VAT) returns for 10 European countries--Austria, Belgium, France, Germany, Ireland, Italy, Luxembourg, Portugal, Spain and the United Kingdom--representing more than 80.1 percent of the $11.7 (USD) trillion European Union (EU) market. Tax forms for the remainder of the 15 EU countries are currently scheduled for delivery by early summer.

TaxSolver will also accommodate both Intrastat and VAT Information Exchange System (VIES) reporting through the Taxware Enterprise integration. Although a free market exists within the European Union, companies must still collect and submit statistics on trade between member states, a process known as Intrastat reporting. These reports are then submitted on a quarterly basis to the VIES, the administrative body that facilitates the exchange of VAT data between all the tax administrations in the European Union.

Compatible with leading financial and ERP software systems, TaxSolver processes and converts imported data to generate tax returns automatically. While allowing a corporation's accounting staff to focus on higher-value financial activities rather than completing tax forms, the Wakefield., Mass.-based Taxware said in an announcement, TaxSolver's internal control features also form a critical component of Sarbanes-Oxley Section 404 compliance. Additionally, TaxSolver assigns and tracks payment information, schedules filing frequency and estimated payments, electronic filing, and automatically incorporates updated tax rates and forms each month.

TaxSolver 5.1 is available though Taxware's direct sales force and partners.

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Title Annotation:TAX SOFTWARE; TaxSolver[R] version 5.
Publication:Financial Executive
Article Type:Brief article
Geographic Code:1USA
Date:May 1, 2006
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