ERP Taxation now gets Multi country Flavor

    Asia Pacific is known for its history and culturally rich heritage. Post the World Wars, APAC has shown tremendous growth and proved itself as the emerging economic strength in Global business scenario. Most of the MNCs make it a priority to do business in this area and have set up regional hubs to make the best use out of the market. However, the biggest challenge or bottleneck these multinational organizations face are the complexities in the regional tax and regulatory systems. For example, In Malaysia, all organizations registered in the country have to comply with the GST regulations effective from April, 2015. In other APAC countries too, adhering to the country’s taxation is a must for system adoption.

    It is here that a Global Tax Engine which covers localizations comes to play. Ramco has been spreading its foothold across the globe and has additionally brought in local taxation to address customers operating in Malaysia, Australia, New Zealand, Thailand, Nigeria and Mauritius.

    Localization needs in ERP:

    While most organizations look for global best practices when choosing an ERP Financials, one of the key area which gets missed in the evaluation is how good are the local taxation and statutory needs covered in the ERP? Organizations registered in the respective countries have to mandatorily comply with the prevailing Statutory Regulations and this is now extended as part of Ramco’s standard product offering as ERP- multi country taxation. Ramco’s Global Tax Solution framework enables easy scalability and modification based on changes in statue.

    This framework is broad, flexible and depending on the geographical statutory requirements, taxation elements are available as pre-defined data. Automatic Tax Computation of the transactions is programmed to perform without user intervention and with minimum master data setup. This helps to automate the computing and accounting process of Order documents, Invoices, Notes, Miscellaneous Payments, Receipts and Vouchers.

    What is Global Taxation Solution & how does it work?

    There are various Tax Laws and Legislation that are laid in different countries around the world. The laws vary in their scope, purpose, person, place and time. GTS is Global Tax Solution, which is framed to cover the major part of the Corporate Requirement to track the Statutory Taxes in their operations. The architecture of this solution provides pre-built rules and process flows for certain popular tax systems and also provides a generic framework for building the logic for other tax systems.

    GTS supports Tax Systems that are most widely in practice e.g.: Indirect Taxes like VAT & GST for Specific countries, Service Tax, CST, Excise Duty and also direct taxes like WHT, TDS and TCS. This framework covers the above Tax Systems with flexibility that even the periodical amendments can be incorporated with ease. This solution covers the complete aspects of the above Taxes starting from Configuration, Calculation and Transaction Booking till Tax Reporting.

    ERP On Cloud, Cloud Technology & ERP, Ramco ERP Suite

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