Archive for July, 2016

IMF welcomes UAE’s VAT plan

 

The United Arab Emirates (UAE) has announced plans to introduce a VAT regime and increase excise taxes, a move that has been welcomed by the International Monetary Fund (IMF).

The UAE Finance Minister has announced that Value Added Tax (VAT) will be introduced at an expected rate of 5% with around 100% items expected to be exempt. The UAE and the other Gulf Cooperation Council (GCC) members have been negotiating a proposed pan-GCC VAT for more than a decade and finally settled on a draft plan last year.

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UKOUG Partner Of The Year Awards 2016

Voting is now open! – Vote for eBiz Answers today!

 

eBiz Answers are proud to announce that we have been shortlisted for Innovative Service Partner of the Year at the UKOUG Partner of the Year Awards 2016.
These awards provide recognition to Oracle Partners for the contributions they make by providing their services to Oracle users. This year’s UKOUG Partner of the Year Awards will be presented on the 13th October 2016 at the new style Café de Paris, London.

After great success winning the Innovator of the Year Award at the International Tax Review’s European Tax Awards we hope to continue the winning run with the support of our clients and customers.

To Vote for eBiz Answers Ltd go to http://www.ukoug.org/2016-events/partner-of-the-year-awards/voting/
Voting Closes on the 12th September 2016
For further details of the Awards, including shortlists visit http://www.ukoug.org/2016-events/partner-of-the-year-awards/

How will Brexit impact Indirect Tax?

The short answer is that no one knows for sure how the decision from the 23rd June 2016 will affect businesses and with negotiations yet to start it will be some time before we have a clear idea. It is a challenging time, which is why eBiz Answers is hosting a series of webinars that will focus on what Brexit means for indirect taxes.

The webinars led by Neil Cubbage who has almost 7 years Fusion Tax experience with Oracle and Andrew Bohnet, the current Oracle Tax Management Special Interest Group chair, will look at what is likely to happen and how this will affect your Oracle configuration and processes around your Oracle eBusiness indirect tax solution. We will discuss how Brexit will impact all aspects of your Oracle eBTax or your Oracle Cloud (Fusion) solution, the reporting requirements such as the European Sales Listing Report, Intrastat reporting and the VAT return and the impact on other modules such as order management or projects.
 

From an indirect tax perspective, we will ask the question, does it matter if we are in Europe if we are not part of the European Union? ‘Leaving the EU’ is a confusing term because the UK is very much a European country, just like Norway and Switzerland who are also not part of the European Union, but are in Europe and function perfectly well without the complex requirements surrounding VAT and the EU.
 

We will focus on, what the alternatives are to being part of Europe around indirect tax, the Mini-One-Stop-Shop (MOSS) for example. Our aim is that the webinars will help you prepare your business for the challenges ahead to make sure you are ready for the changes when they come.
 

To register for these upcoming webinars please visit: www.ebizanswers.net/how-will-brexit-impact-indirect-tax

 

 

 

Adding Real Time Analytics to your Tax Department’s Indirect Tax Toolkit

eBiz Answers have recently added Real Time Tax Analytics to their indirect tax toolkit,  the application has designed specifically with the tax department in mind.   Real Time analytics is a user friendly web application which will inform the tax department of a transaction with a potential tax issue within seconds of it being entered.   This allows the tax department to identify and correct issues at source and empowering the tax department to be involved in the end to end process.

The ever increasing use of technology by Tax Authorities for tax compliance is directly impacting the inner workings of the tax department.     The VAT landscape is changing rapidly across the globe as Tax Authorities introduce technology to crackdown on tax avoidance and ensure corporate tax transparency.    From South American to Europe,  tax authorities are passing regulation to ensure companies provide accounting data in a standardised format, direct from their ERP applications on a monthly basis.  The tax authorities can then check the file, validate the data and ensure compliance.   Poland has introduced electronic filing with SAF-T files from the 1st July to join Portugal, Luxembourg, Austria and Lithuania who are already using the SAF-T filing format.

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Oracle Indirect Tax Toolset for Real Time Compliance

The indirect tax world is changing and with it are the requirements around tax compliance and reporting and the penalties that follow when you get things wrong.

Too many companies rely on reporting after the month end has been closed – often too late to make changes or any changes that can be made are done manually with minimal audit trail.

So how can you get more out of your tax engine to reach total compliance?

eBiz Answers are pleased to introduce their Oracle indirect tax auditor toolset that provides analysis of your data in real time. No longer do you need to wait until after the month end has closed to check the data for issues before the tax returns are submitted, our eBTax Real Time Analytics that is part of our Oracle indirect tax auditor toolset will identify issues within 5 seconds of a transaction being entered.

To arrange a demo of this ground breaking tool, contact us here

To Global or Not to Global, that is the question – Oracle Configuration Owner

There should only be one choice

We would never set up a tax solution using anything other than the Global Configuration Owner, so why are so many companies configuring their oracle ebusiness tax engine with it set to be party specific? By that I mean when setting tax rates and rules up then linking them directly to an operating unit.

So why do people set them up this way? Well the short answer is because they don’t know what they are doing. That statement maybe a little harsh so let me justify it.

What is the Tax Configuration Owner?

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