"IT Solutions for Sarbanes Oxley Act — Sabrix"

Sabrix — European Union & Sarbanes Oxley Act Compliance

The San Ramon-based provider of enterprise tax applications recently released a new version of its Sabrix VAT Manager and Sabrix Global Tax Manager applications, including enhanced capabilities for European Union and Sarbanes-Oxley compliance.

In response to new law effective July 1, 2003, the Sabrix VAT Manager and the Sabrix Global Tax Manager handle the taxation of all electronic services transactions, ensuring compliance with the EU Article 9(2)(e) as well as with the special place of supply rules in Article 9(2)(f).

Additionally, both Sabrix applications have improved country-specific, jurisdiction determination logic for the European Union, including country-specific rules for each authority's treatment of registration, establishment, use and enjoyment locations as well as reverse charges. Sabrix applications determine tax according to an individual country's law when taxing goods and service transactions, enabling global corporations to handle EU country specific reporting requirements.

Sabrix claims to be the first application capable of handling this level of international VAT determination, calculation and reporting. Sabrix VAT and Global Tax Manager applications currently support 86 countries, covering Europe, North America, Latin America and Asia; and Sabrix supports countries such as India and Brazil with complex taxation requirements. Both applications will support the 10 additional countries entering the European Union in 2004 beginning in April 2004.

Also, with this release, all Sabrix applications include a Compliance Dashboard and Audit Database, enabling companies to address Sarbanes-Oxley Section 404 requirements for documented processes and internal controls. With Sabrix applications, tax professionals have a single, real-time view of all transactions and indirect tax exposures as well as a single system of record for tax reporting and audit administration.

The Sabrix applications enable companies to respond to Sarbanes-Oxley by maintaining a record of all indirect tax liabilities - regardless of application origin or physical location - for accurate and complete financial reporting.

Steve Adams, President and CEO of Sabrix. "We have responded to U.S. Sales and Use and international VAT tax organizations, who require greater visibility and control of their indirect taxes."