Sabrix Managed Tax Service

Sponsored By Sabrix

Topics:

Accounting > Tax

Compliance & Governance > DOJ

Finance & Risk Management > Outsourcing

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Abstract:

For mid-sized companies, transaction taxes--sales, use and value-added taxes--are the stealth taxes: they are complex, non-transparent, and their total impact is much harder for CFOs to visualize than that of their big brother, corporate income taxes. Determining the liability for sales and use tax and VAT, filing returns on time and responding to auditors probably costs more than most CFOs realize. Each year, the average mid-sized company ($50m to $500m) spends more than $350,000 on personnel, consultants, rate tables and third-party returns preparation in order to comply with transaction tax regulations. But these resources are so fragmented across the organization, that it is not unusual for a CFO to underestimate the cost of managing compliance by as much as 50%.

DETAILS

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Posted: May 14, 2008

Length: 11 pages

Format: PDF (217 kb)

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