Technology, Media and Telecommunications
Sabrix enables TMT companies to minimise their direct, operational and compliance cost of VAT.
A multifaceted supply chain and increased globalisation of this industry has resulted in indirect tax complexity being dispersed amongst numerous taxing jurisdictions. Legislative changes such as the introduction of new UK legislation to combat missing trader fraud has resulted in a significant investment of Tax, IT and Operations resources so that systems and processes are complying with this legislation.
Sabrix 5.0 delivers increased VAT compliance to organisations through the automation of tax determination from an AP/ AR end user perspective and the maintenance of rates and rules for 170 countries.
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Automated country specific VAT reports ensure that a TMT company’s compliance and reporting requirements are addressed with Sabrix 5.0. Sabrix 5.0 Reporting also ensures Tax users can generate ad-hoc reporting data from the audit database which can be used to extend VAT return data in order to address any tax authority queries and justify VAT declarations submitted. |
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| Rule Qualifiers | |
As the determination of VAT on a mix of goods and services adds to complexity in the determination process it is essential that other fields such as GL code, Account type and Project Code are included into the tax determination process. Using Sabrix’s Rule Qualifiers functionality, a TMT company can rapidly scale their customised rules around services and the determination logic applied. By applying this functionality to the P.O. process a TMT company can ensure that VAT does not impact the bottom line. |
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Other 5.0 key enhancements and how they assist the complexity of a TMT company:
TMT specific legislative changes: Sabrix is the only tax engine to provide an automated update as content for the recent UK reverse charge legislation to combat carousel fraud. This legislation resulted in a significant change in the treatment of certain products with the effect of domestic supplies being accounted for under the reverse charge. Sabrix is closely monitoring other EU countries such as Italy and Portugal who are considering similar legislation.
Global content: Sabrix provides content on VAT rates and rules in 13,184 tax authorities and 170 countries. Internationally Sabrix provides support for all VAT, GST, HST, and PST type taxes in over 150 countries worldwide (including full EU support and support for Brazil and Indian transaction taxes). This support includes rates, product taxability rules, local and cross border transaction tax logic. Sabrix’s tax research process has been certified by external auditors as being compliant with the international Statement of Accounting Standards 70i.
Currency conversion: Sabrix 5.0 has the ability to perform currency conversion in order to support conversion rates approved by a tax authority. Tax Authority rates can be loaded into the Sabrix application as opposed to using company specific FX rates and completing manual workarounds during reporting periods.
| General Enquiries | Tax Enquiries | Technology Enquiries |
| Stewart Nivison | John Curry | Kid Misso |
| Country Manager | VAT Business Consulting | Systems Engineering |
| +44 (0)7730 930308 | +44 (0) 77085 99564 | +44 (0) 7714 218 733 |