Comply with global sales tax challenges
The Advanced Sales Tax Framework (ASX)
ASX allows for multiple tax compliance- an local business practice requirements around the world.
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Comply with Global Sales Tax Challenges.
Staying on top of local laws and regulations in several countries is resource-intensive and challenging. Not only do individual countries and regions have their own regulations, but these rules are continuously changing, making compliance a perpetual task that requires close attention.
To effectively manage complex global operations like these from a tax perspective, organizations require a solution with the flexibility to scale and to handle today’s unique tax complexities and allow for future expansion and ever-changing tax regulations.
Traditionally, organizations selecting or implementing an enterprise resource planning (ERP) solution in these situations often require an external tax engine to perform tax determination and calculation, and frequently end up with an expensive and sub-optimal determination solution.
The features and benefits of the Advanced Sales Tax Framework (ASX), greatly enhance the standard sales tax functionality in Microsoft Dynamics 365 Finance, giving organizations assurance over the tax determination that could be delivered.
Scaleable, Transparent, Easy to use and Maintain.
The Advanced Sales Tax Framework complies with Global- and local sales tax determination requirements, such as:
Origin- and Destination-based Taxation: Sales tax is based on the delivery-location of the seller and on the receipt-location of the buyer as international sales tax calculation rules stipulate.
Variable Rates, Exemptions and Thresholds: Variable rates, exemptions and thresholds, may be applied based on the type of goods or services being sold/purchased.
Simplicity and Transparency: ASX calculation transparency is easy to use and understand, therefore preventing confusion for both businesses and consumers. Whereas complicated tax systems may result in compliance and maintenance challenges.
Ease of Administration: ASX is easy for businesses to administer and enforce. This includes clear guidelines, reporting requirements, and collection mechanisms..
The Advanced Sales Tax Framework for Microsoft Dynamics 365 Finance, provides several benefits for finance teams:
- Efficiency and Accuracy: The Advanced Sales Tax Framework (ASX) leverages technology, automation, and real-time data to streamline tax collection processes. This helps businesses avoid errors in tax calculations and reduces the administrative burden of compliance.
- Compliance with Complex Tax Laws: Tax laws can be complex and subject to frequent changes. ASX helps businesses stay compliant with evolving tax regulations, reducing the risk of non-compliance and associated penalties.
- Cross-Border Transactions: For businesses engaged in cross-border transactions, ASX handles the complexities of international tax regulations.
- Digital Commerce and E-Commerce: ASX is equipped to handle the challenges posed by digital and e-commerce transactions, including those involving multiple jurisdictions, online marketplaces, and diverse product types.
- Project Transactions: ASX offers real-time Project Transactions (Global) Sales Tax calculation capabilities, providing businesses with up-to-date information on sales and tax used in Project Transactions. This enhances overall transparency and allows for more effective monitoring and enforcement.
- Adaptability to Business Models: Businesses often have diverse models, including subscription services, digital goods, and traditional retail. ASX adapts to different business models, ensuring accurate tax calculations for a wide range of products and services.
- Customer Experience: ASX enhances the customer experience by providing clear and accurate tax information at the point of sale. This reduces confusion for consumers and contributes to a positive purchasing experience.
- Risk Mitigation: Compliance errors and inaccuracies in tax calculations can pose significant risks for businesses. ASX helps mitigate these risks by automating processes, reducing manual intervention, and providing reliable calculations.
- Audit Trail and Documentation: ASX maintains detailed audit trails and documentation, making it easier for businesses to demonstrate compliance during audits. This can save time and resources in the event of a tax audit.
- Integration with Accounting Systems: Integration with Dynamics 365 accounting systems is a standard feature of ASX. This integration improves overall financial management and ensures that tax data is seamlessly incorporated into broader financial reporting.
Organizations can more effectively streamline and automate tax determination and calculation by leveraging our enhanced no-code tax calculation functionality.
This can create significant advantages as it allows companies greater functionality to handle more complex enterprise-level scenarios while also reducing some of the maintenance burden and associated risk, even with a relatively small team. It also allows users to easily customize the solution to suit future needs as tax regulations evolve and businesses scale.
The Advanced Sales Tax Framework greatly enhances the standard tax functionality while offering exponential scalability and performs not only the scenario’s mentioned earlier, but also:
- Automatically determines the correct sales tax group, item sales tax group, and tax codes through an easy and transparent determination mechanism.
- Supports multiple tax registration numbers in one legal entity, and automatically determine the correct tax registration number on taxable transactions.
- Supports tax determination, calculation, posting, and settlement for transfer orders.
- Defines configurable tax calculation formulas and conditions for your specific business requirements.
- Shares the tax determination and calculation solution across legal entities to save maintenance effort and avoid errors.
- Supports customer and vendor tax registration number determination.
- Supports list code determination.
- Supports tax calculation parameters at the tax jurisdiction level.
- Supports sales tax applicability on freight terms used.
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