What is a Tax Engine?
- A Tax Engine is a technology solution designed to automate and simplify the process of calculating taxes. It determines the correct amount of indirect taxes for a transaction, like Sales Tax in the US and Value Added Tax (VAT) or Goods and Services Tax (GST) in the rest of the world.
- The determination of the tax treatment of any given transaction is based on logical rules set up in the tax engine – and these rules are abstracts of tax legislation and regulations that consider relevant transaction variables to get to the desired outcome.
- ⛔️ Problems it solves
- ❗️Consequences of not using a Tax Engine
- Undercharging tax
- Overcharging tax
- Reputational risk
- FAQ
- What countries do you cover?
- Do you integrate with PSPs?
- What is the average latency for tax calculations?
- What data does your Tax engine require?
- What is the output of your tax engine?
- How is your tax engine different from other tax engines?
Source: www.fonoa.com
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