AI automates time-consuming tax code mapping
Watch a short video on how we use Artificial Intelligence to reduce the tedious chore of tax code mapping from days to just seconds. This means setting-up our global returns product, VAT Filer, takes just a few hours. Onboarding is now so easy, we don’t generally charge – try that with our competitors!
For a demo of VAT Filer, including setting you up in a free trial instance, contact us
At VATCalc, we are constantly striving to simplify the onboarding of our global VAT returns product, VAT Filer.
The last time sucker left in this process was tax code mapping. Individually plotting you ERP or accounting tax codes to ours. But with the help of AI, it now just takes minutes.
What are tax codes for VAT determination?
Tax codes provide the information tax engines, ERP’s or accounting systems need to correctly identify the right VAT, GST or sales tax rates and reporting for any transaction.
Whilst there is no standard format, they are typically made-up of a collection of alpha and numerical figures. These capture the key treatments and rules needed to breakdown the VAT rates, calculations and reporting requirements for any transaction.
Information included within common tax codes:
- Country where the transaction will be taxed
- Is it a sale, purchase, credit note of other type of transaction
- Is it a domestic, EU intra-community, exempt, export, import transaction
- The VAT rate to be used
- Ship from country if goods
For a full demo of VAT Filer, our global returns product, contact us.
