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Wolters Kluwer Financial Services Launches OneSumX VAT Management for China

New Solution Helps Financial Firms Improve Invoice and VAT Management Capabilities

Wolters Kluwer Financial Services has launched OneSumX VAT Management for China – a solution to help financial firms address new invoicing and value-added tax (VAT) 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.

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About Wolters Kluwer Financial Services

Wolters Kluwer Financial Services provides customers worldwide with risk management, compliance, finance and audit solutions that help them successfully navigate regulatory complexity, optimize risk and financial performance, and manage data to support critical decisions. With more than 30 offices in 20 countries, our prominent  brands include:  AppOne®, AuthenticWeb™, Bankers Systems®,  Capital Changes, CASH Suite™, GainsKeeper®, NILS®, OneSumX®, TeamMate®, Uniform Forms™, VMP® Mortgage Solutions and Wiz®. Wolters Kluwer Financial Services is part of  Wolters Kluwer, which had 2014 annual revenues of €3.7 billion ($4.9 billion), employs 19,000 employees worldwide, and maintains operations in over 170 countries across Europe, North America, Asia Pacific, and Latin America. Wolters Kluwer is headquartered in Alphen aan den Rijn, the Netherlands. Its shares are quoted on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices.