Wolters Kluwer Financial Services has launched OneSumX VAT Management for China – a solution to help financial firms address new invoicing and value-added tax issues in the country.
OneSumX VAT Management will allow financial firms to automate and completely digitize the invoice management process, to fulfil new VAT requirements.
According to recent reports, Chinese authorities will publish detailed plans for replacing business tax with VAT in the financial services sector. This means that all financial firms operating in China can avoid double taxation and reduce company tax. However, it introduces new challenges of how to manage invoicing and VAT efficiently and effectively.
“The extension of VAT to the financial services sector, in lieu of business tax, means that firms need to integrate corporate tax administration and invoice-related affairs in a powerful management system,” said Michael Thomas, general manager and director North Asia at Wolters Kluwer Financial Services. “OneSumX VAT Management will provide a single integrated platform through which financial firms can manage workflow smoothly and systematically; it will also allow individuals in invoice management to share billing information and efficiently maintain a variety of information as well as meeting internal and external demands.”
“OneSumX VAT Management is also compatible with Enterprise Resource Planning (ERP) systems. This allows financial firms, especially international financial firms operating in China, to meet local regulatory requirements while also meeting their global ERP requirements.” Thomas added.