Since it purchases taxable goods and services for more than 100 business units across the United States plus the United Kingdom, Japan and India, Countrywide required a transaction tax calculation system that could keep pace with not only the constantly changing sales and use tax laws in the United States, but Value Added Tax (VAT) as well.
"As a growing company with a global presence, Countrywide needed a transaction tax solution with the ability to interface with multiple procurement and sales platforms including PeopleSoft Enterprise Payables 8.8," said Steve Sylvers, Managing Director of Corporate Tax at Countrywide. "Additionally, we wanted an integrated tax return compliance tool with the power to help increase efficiency and the functionality to fit into our control environment."
Targeted at mid- to large-sized enterprises, Taxware Enterprise determines sales and use tax liabilities for over 8,000 state and local jurisdictions in the U.S., and Value Added Tax (VAT) and other consumption taxes for more than 150 countries worldwide. In addition to satisfying U.S. and international needs, Taxware Enterprise can be deployed locally or centrally to manage the tax compliance of multiple related or unrelated companies. There are more than 27,000 taxing jurisdictions worldwide, many of which change frequently. Complex tax rules are updated as needed by Taxware's in-house tax attorneys and associates.
TaxSolver automatically generates tax returns, allowing an enterprise's accounting staff to focus on high-value financial activities, while automating tax form completion. The product assigns and tracks payment information, schedule filing frequency and estimate payments, while automatically incorporating updated tax forms and rates each month. TaxSolver also allows users to view their current liability (i.e. tax calculated) versus compliance profile (i.e. tax remitted) from a sales tax return perspective - a tool designed to assist with Sarbanes-Oxley compliance.
"We are delighted to add Countrywide Financial to our list of global customers," said David Treinen, president of Taxware. "With a multinational base of operations and the obligation to comply to multiple sets of tax laws across many geographies, we believe Countrywide can benefit from Taxware's ability to seamlessly calculate the right tax liability across its entire global operation."
Taxware, a First Data Company, is a leading developer of global commercial tax compliance systems. For more than 25 years, Taxware's products have simplified the tax calculation and compliance process with solutions for sales, use, value added and other consumption taxes for businesses around the globe. By combining expert knowledge of the most current research and changes in tax legislation with the best available automated processes, Taxware has developed comprehensive solutions that facilitate compliance with Sarbanes-Oxley, serving as the control for corporate transaction tax operations. To learn more about Taxware, please visit www.taxware.com.
About First Data Corporation
First Data Corp. (NYSE: FDC) is a leading provider of electronic commerce and payment solutions for businesses and consumers worldwide. Serving 4.1 million merchant locations, 1,400 card issuers and millions of consumers, First Data powers the global economy by making it easy, fast and secure for people and businesses around the world to buy goods and services using virtually any form of payment. The company's portfolio of services and solutions includes credit, debit, private-label, smart and stored-value card issuing and merchant transaction processing services; money transfer services; money orders; fraud protection and authentication solutions; check guarantee and verification services through TeleCheck; as well as Internet commerce and mobile solutions. The company's STAR Network offers PIN-secured debit acceptance at 1.6 million ATM and retail locations. For more information, visit www.firstdata.com.
First Data's Western Union Financial Services, Inc., an international leader in consumer money transfer services, allows consumers to quickly and reliably pay bills and transfer money around the globe using its proprietary money transfer network. Western Union and its subsidiary, Orlandi Valuta, together make up one of the world's largest money transfer networks with approximately 225,000 Agent locations in more than 200 countries and territories. For more information on Western Union, visit www.westernunion.com.
About Countrywide Financial Corporation
Founded in 1969, Countrywide Financial Corporation (NYSE: CFC) - America's #1 residential lender as ranked by Inside Mortgage Finance (Oct. 29, 2004), Copyright 2004 - is a member of the S&P 500 and Fortune 500. Countrywide, through its subsidiaries, provides mortgage banking and diversified financial services in domestic and international markets. Mortgage banking businesses include loan production and servicing principally through Countrywide Home Loans, Inc., which originates, purchases, securitizes, sells, and services primarily prime-quality loans. The company is headquartered in Calabasas, California and has a workforce of over 40,000 with over 600 offices. For more information about the company, visit Countrywide's Web site at www.countrywide.com.