Thomson Reuters announces release of Sabrix Application Suite
The Tax & Accounting business of Thomson Reuters recently announced availability of the latest version of the Sabrix Application Suite, the company’s on-premise, global transaction tax solution that seamlessly connects to all financial applications required for the determination, calculation, and recording of transaction taxes.
The latest version responds to market demand for more flexibility to support global businesses, including emerging country taxation in Brazil, part of the BRIC countries – the world's fastest growing and potentially largest economies, which include Brazil, Russia, India, and China.
Since 2002, Sabrix has invested in helping global companies stay compliant with transaction tax legislation in Brazil offering jurisdiction determination; registration validation; accurate and up-to-date rates, rules, limited logic, and content for product taxability, cross-border, free trade zones on goods and services for Brazilian tax authorities at the country, state, and municipal levels. The latest version of Sabrix Application Suite also includes:
- A new tax calculation method for Inclusive Tax (PIS and COFINS only) for even broader support of global taxation laws
- Enhanced calculation methods for Tax on Product Amount (Brazil only) and ISS (Brazil only)
- Single sign-on (SSO) functionality that allows companies to use a third-party solution so that users only have to enter their credentials once in their network environment to gain access to the Sabrix solution
- Two new tax types that provide more explicit identification for Not Liable tax results for transactions associated with the EU and other countries where VAT is applicable
“Under its Sabrix brand, Thomson Reuters is committed to providing both the technology and region-specific expertise, services, and content critical to support global taxation that enable global companies to achieve compliance with confidence,” said Mark Lawler, vice president of technology of Sabrix, part of the Tax & Accounting business of Thomson Reuters.
“We have a proven history of being first to support emerging country taxation and new global legislation such as VAT 2010, the UK VAT reduction in 2008, the EU VAT Package initiative announced in February 2008 and Ireland’s VAT increase in 2008, which has built the trust of our customer base over the years,” Lawler said.
Sabrix Application Suite customers achieve higher degrees of compliance at a lower total cost by taking a consolidated approach to managing sales, use, VAT, and other transaction tax types, domestically and internationally, according to the company. A consolidated approach to tax management also enables lower tax costs and improved cash flow by eliminating penalties, interest, and over payments while expediting revenue collection and VAT recovery.
Pricing and availability: Sabrix Application Suite version 5.1.3 is available now. Pricing starts at $35,000 and depends on company size and complexity of transaction tax environment. For more information, visit http://www.sabrix.com/enterprise/.