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Posts Tagged ‘Localization’

News about legal changes for 2013 – Year-End Patch Update –

Written by Sabine Christiansen on . Posted in Exact Globe

Each and every year we all face the situation of lately communicated changes on VAT related reports and other relevant processes. To ensure in time delivery in a stable environment, we decided to patch all needed changes to our already general available product update 405 until the end of the year.

Below you’ll find a list of all already known and prepared changes per country you can expect to be part of Exact Globe Next’s product update 405 as of January 2013:

The Netherlands

-> Support of non-deductible VAT for January 2013.

-> Important adjustments in SEPA functionality based on feedback from banks and customers.

Germany

-> Authenticated sending of VAT return and EU sales list considering layout changes for 2013.

Portugal

-> Support of simplified audit file submission  SAF-T as per 2013.

Payroll changes will be announced separately.

More details to come soon!

New Thai tax identification number introduced

Written by Elaine Chai on . Posted in Exact Globe

Effective February 1, 2012, all individuals and business entities in Thailand should use a 13 digits tax identification number to replace the previous 10 digits. Although the new tax identification went live on February 1, 2012, the Revenue Department has extended the period of using the 10 digit Tax ID to January 31, 2013. The extension period is applicable for taxpayers whose withholding certificates, tax invoices, receipts and invoices have already been prepared using a 10 digits tax ID number.

As I have mentioned earlier in my blog, Exact Globe Next supports the Thailand Withholding Tax as of product update 402. Due to this legal change, all the related tax forms like the withholding certificates (P.N.D.3 and P.N.D.53) have been adjusted and enhancements have been added in this product update 405, which is generally available as of the end of October. For more information please refer to the release note.

Introduction to Collective Invoicing in Japan

Written by Elaine Chai on . Posted in Exact Globe

As I have shared in the previous product blog, Collective invoicing for Japan will be available as of Exact Globe Next product update 405, which will be available in the end of October. But you are probably asking yourself what Collective invoicing is.

Collective invoicing is also known as monthly invoicing and is commonly used in Japan as well as other countries. Businesses in Japan, tend to have many small orders with small amounts due to the outsourcing system, therefore these invoices are grouped and processed on a monthly basis. Each collective invoice contains a unique number. As a result, companies have less administrative work. 

Stay tuned! Soon we will share more information about changes in collective invoicing for Japanese localizations that will be available in Exact Globe Next product update 405.

What to expect from the Localizations team in PU 404?

Written by Elaine Chai on . Posted in Exact Globe

“Tax?”, “Localization?”, “Banking?” What comes into your mind when you think about these changes? The Localizations team!

As we have informed you earlier Exact Globe Next product update 404 is now in controlled release. As usual, we do have some fixed themes in every product update. From legal and localizations to banking and last but not least, direct feedback from our customers. All these changes have a direct impact on the customers around the world and our goal is to help them in their daily operations effectively and efficiently.  

Now, let us share some of the product update 404 highlights. From the legal side, you can expect deliverables such as changes in 2012 Intrastat statistical numbers for European Union legislationelectronic Intervat reporting and fiscal fiches report (Belcotax) for Belgian legislation, Electronic Intrastat reports for UK legislation,  Spesometro reports for Italian legislation, fiscal taxonomy field in the Import taxonomy screen for German legislation, and VAT Invoice for Indonesian legislation.

There are also some localization changes in the Netherlands, Germany, Spain, Portugal, Czech, Hungary, Romania, Russia, Poland, and China.

For banking, we set a lot of focus on SEPA compliant functionality. Here, we provide Dutch customers with up-to-date SEPA formats in accordance with general guidelines of SEPA Migration Plan in the Netherlands. More improvements are planned for the next product update. 

Besides, we do provide some bank format changes for countries like Germany, Italy, Poland, Singapore, Malaysia, Hong Kong, Denmark, Australia, UK, Sweden, Ireland, Slovakia, Romania, Finland, Canada and Hungary.

Lastly, we always want to improve our product based on your feedback. You tell us, we do it. In this product update, we managed to deliver changes such as running stock valuation process and import/export data in silent mode or via the task scheduler, possibility to select a printer when printing quotations, sales orders and purchase orders, and many more.

To view the complete deliverables in this product update, please click here.

What’s next? To share some highlights of product update 405, as a follow up to fiscal taxonomy in Germany, we will have e-Bilanz, an uploading XBRL reporting process directly to the fiscal government’s servers.

Meanwhile in Asia, we will have among others collective invoices for Japan legislation, 2012 Thai Withholding Tax, etc. Stay tuned for more exciting changes.

SEPA migration end date is clear … what’s now?

Written by Alexander Kutilov on . Posted in Exact Globe

Now that the end date for the Single Euro Payments Area (SEPA) migration has been agreed upon within Europe, the industry has begun to realize the challenges that it will face the coming years. The good news is that a clear target date is set. In the euro area, this will be 1 February 2014, subject to certain limited exemptions mentioned in the SEPA Regulation. The bad news is that many are still in the preparation rather than execution phase. It is indisputable that the migration to the SEPA will be a challenging exercise. Market participants still need to evaluate its impact on their day-to-day operations. Migration to SEPA standards requires careful planning. The relevant actions and resources should be identified as soon as possible.

In this article I would like to share a general overview of SEPA compliance statuses as well as some short term plans of Exact Globe Next functionality for customers in countries of EU Member States.

SEPA was generally introduced in the product update 390, in 2008, and has been constantly improving since then.

We have chosen a flexible approach, with which we have implemented and support SEPA Credit Transfer for all EU countries based on general ISO20022 standard guidelines in 2009. Since 2010 we continued with extending SEPA functionality for frontrunners countries: the Netherlands, Belgium, Germany and Austria based on their national guidelines.

We are committed to plans for improving SEPA support in Exact Globe Next for all eurozone countries during 2012 and 2013.

IBAN and BIC. Customers are able to maintain IBAN and BIC in cash instruments and in debtor and creditor bank accounts in countries of EU Member States. Furthermore, to facilitate better and faster migration of bank accounts data into IBAN and BIC Exact Globe Next offers automations of generating these values for some countries or importing IBAN and BIC to debtors and creditors bank accounts for other countries.

IBAN and BIC are also included in most of layouts. For example the Exact customer in the USA is able to manage IBAN and BIC data of French debtor bank account and print this information in the sales invoice.

XML ISO20022 standards. Being based on ISO20022 standard, SEPA guidelines are allowed to be extended at the national level. Changes in national SEPA guidelines are prevail. At the same time banks within the same country are allowed to follow national or strictly EU guidelines or even extend such guidelines. Bank extensions to guidelines are prevail. Implementation of national SEPA migration plans are dependent on such diversity. Communications regarding relative technical and functional specifications as well as the speed of SEPA development in each country are different.

SEPA Credit Transfers (SCT). SCT functionality is available in Exact Globe Next for all customers and for all legislations as soon as the cash instrument and the creditor bank account are within EU and linked to euro. The frontrunners countries are having much better support of their SEPA standards.

SEPA Direct Debit (SDD). SDD was introduced in the product update 400 in 2010. This functionality is available for all customers of Exact Globe Next and for legislations as soon as the cash instrument is in the Netherlands, Belgium, Germany or Austria and linked to euro and the debtor master data is provided with IBAN and BIC and the information of relative SDD mandate exists. SDD mandate management is necessary part of the functionality. Being generally compliant to XML ISO20022 standard, the structure and content of SDD are implemented based on its national extensions.

Bank statements with SEPA information. SEPA includes a definition of Cash Management (CAMT), the XML based generic bank statements structure. The introduction of this standard, at the moment, gets lesser priority compare to IBAN and BIC, SCT and SDD. Expiration time lines for currently supported bank statements are not yet clearly defined. Therefore the majority of banks extend their bank statements specifications so that remittance information of SEPA transactions can be identified for reconciliations. Currently we keep implementing changes in existing bank statements in different countries, based on their specifications.

SEPA is a topic that can be addressed in different ways than just compliance. Starting now gives some, although limited, time to plan for changes taking possible benefits into scope. It is important to recognize that the impact of SEPA implementation goes beyond Europe. Compulsory usage of the ISO20022 standard certainly will be later considered for a global roll-out outside the eurozone.

The first phase of China Golden tax is now ready!

Written by Elaine Chai on . Posted in Exact Globe

Wondering what is Golden tax system? In China, it is legally required businesses to issue Golden tax invoices using government certified tax software (known as Golden tax system). This system is a centralized monitoring system under the control of the tax authorities to reduce the incident of fraud.
Now, how does Golden tax system relates to Exact Globe Next (EGN)? EGN does not issue the invoices but generate a flat text file based on invoice history in a pre-defined format. This file later gets imported into the Golden tax system and prints the information onto a pre-formatted and pre-numbered invoice known as Golden tax invoice.
So what are the supported features in product update 405? EGN is able to assign a golden tax number to an invoice, authorize the invoice and lastly generate the flat text file. For more details on the supported features, please click here.
Wait, there is no stop yet! To further extend this functionality, some companies are required to split the golden tax invoice if the total invoice amount exceeded a certain limit or combine the invoices into one golden tax invoice if the amount is lesser than the limit. Hence, stay tune on more changes in the product update 406.

Exact Globe Next ready for the VAT changes

Written by Alexander Kutilov on . Posted in Exact Globe

Due to the current economic situation most European countries have decided to increase VAT rates.

Exact Globe Next provides a flexible and simple solution for automatically adopting new VAT rates in customer administrations. There are two ways:

  • Reuse well-known existing VAT code with new percentage, whereas all historical data is adjusted to a new VAT code with old percentage.
  • Create a new VAT code or select an existing one for new VAT percentage and link it to all relevant master data.

In both cases the customer may choose whether or not new VAT percentages need to be automatically applied to open quotations and sales orders, services orders and purchase orders.

The conversion can be done for every existing VAT code with a free choice of which approach fits best a specific situation of the customer.

Being initially implemented in 2010, for the product update 396, the functionality is recently enhanced based on the market feedback. All recent changes are available in Exact Globe Next as from the product update 400. For more information please read this release note.

You are welcome to stay updated on further development of Exact solutions through our regular postings on the Exact Product Blog.

 

Proof identify of the one sending your VAT related returns

Written by Sabine Christiansen on . Posted in Exact Globe

Currently companies in Germany are able to send electronic VAT return and EU sales list, using so called ‘free access’ provided by fiscal administration. This free access solution  will be closed as of 31st of December 2012 and only registered access will be allowed.  More details on legal background can be found on the website from ministry of finance (available in German).

This means, that only data transmitter with authentication are allowed to take part in this process, starting on 1st of January 2013. This should improve protection of sent data and replaces so far supported public key procedure. Additional information on the supported authentication measures can be found here (in German). Please make sure you are informed in time and do not hesitate to apply for your essential software certificate as described on www.elsteronline.de.

Exact Globe Next will support this new procedure as of product update 405, which will be generally available in autumn this year, as a result you’ve got some time upfront for the final shut down.

How to know what’s ‘in’ per country

Written by Sabine Christiansen on . Posted in Exact Globe

Serving customers all around the world, we are dealing with different legislations every day. Since I’m part of localizations team of Exact, I’m busy with all kind of adjustments, to make sure our software meets expectations of our customers in the supported countries. This of course also includes ‘managing those expectations’ and clear communication of what’s already available.

To give an overview of what can be expected per country, in the past we prepared documents that listed supported functionality for each country. As a result of many modifications over the years, the documents were no longer user friendly. To optimize usability we first differentiated all supported functionality per country into ‘general’ for general information like supported language, ‘legal’ for legally required functionality, ‘local’ in sense of common business use and ‘banking’ for supported bank formats and country specific cash flow functionality. As a consequence we now offer a clear overview per country with linked detailed information and release notes.  Those fact sheets which work as a sort of country cockpit, have been first introduced internally and now are also available for our customers.

Take a look at Synergy document 17.073.975, to see what we prepared. To view it you need to login with your customer portal credentials. Those factsheets will be updated for every product update. So better stay tuned!

e-Bilanz, a challenge for all companies in Germany

Written by Sabine Christiansen on . Posted in Exact Globe

Working in an international environment, we have to deal with the fiscal authorities in different countries. Especially in central European countries there are ambitions to streamline activities by enforcing more and more e-government processes. As this is a quite new process, there are still a lot of changes required from the government.

As a result our customers are pushed to do most tax related reporting in an electronic way, partially in the cloud. Germany is a good example for this, where all VAT reports and the newly introduced e-Bilanz XBRL reporting need to be uploaded directly to the servers of Ministry of Finance – and of course all data needs to be secured.

In the context of the act to reduce tax bureaucracy (SteuBAG), German government claimed that all companies in Germany are obliged to hand over their annual financial statements in an electronic way. XBRL was chosen as a method since this is already an existing solution for disclosure of trade balances. Based on existing trade taxonomy (version 4), a new fiscal taxonomy has been created to issue reports in form of instance documents. These reports need to be uploaded to the Elster server.

As we support import of this new fiscal taxonomy with Exact Globe Next product update 404, now we are starting detailed preparation on step 2, which means automatic upload of instance documents to the Elster-Server of fiscal government. This second part is planned for product update 405. Splitting solution into two parts should offer possibility to our customers to already set up maintenance, do all preparations and be ready in time for sending the report documents.

For companies in Germany this newly introduced e-Bilanz is quite a challenge, as all used GL account charts need to be checked and adjusted, before the fiscal taxonomy elements can be linked to them. As there is no default account template given in Germany, those links for all demanded reports need to be done manually one by one. And this of course can only be done in close relationship with the company’s tax consultant. As a result a lot of preparation is needed, which is a big effort for the all companies in Germany. Generating the reports (instance documents) and their upload to fiscal server is relatively simple and will become common practice soon.

Luckily product update 404 already offers possibility to do the biggest part of this job, so they are well prepared before their first reports need to be created and uploaded. If you want to know more about this topic, please check release notes for product update 404, which will be available soon.