Powerful Tax Engine
Assign taxes by line level, incorporate enterprise-wide tax amount visibility, and adjust recoverable taxes within the system in no time.
The sales and use tax landscape has always been complex and volatile and continues to be in flux. To ensure compliance, companies need powerful and flexible tax tracking tools.
Paramount WorkPlace provides a powerful tax engine that allows you to capture detailed information regarding the taxes assed on your company purchases. Typically, when purchasing products or raw materials for wholesale consumption, companies are not assessed tax. However, in some jurisdictions, companies must pay tax on the purchases of goods and services from other suppliers. Companies are then able to recover the tax paid on such purchases from the tax authorities.
With the Paramount WorkPlace powerful tax tracking features, you can assign taxes by line level, incorporate enterprise-wide tax amount visibility, and adjust recoverable taxes within the system quickly and easily.
Features and Benefits:
- Go global: Designed with foreign tax guidelines in mind
- Recoverable tax tracking: Recoverable tax capabilities
- Advanced distribution: Advanced tax GL distribution features
Paramount WorkPlace supports even complex tax scenarios.
Terms & Definitions
What is a Recoverable tax:
Indirect taxes that are paid on the purchase of goods or services. Taxes can be claimed as a credit against the taxes that are payable by the taxpayer.
What is a Nonrecoverable tax:
Indirect taxes that are paid on the purchase of goods or services. These taxes are accrued and added to the purchase order price of the goods or services.