"In this world nothing is certain but death and taxes."
By maria.centeno on May 29, 2008
--Benjamin Franklin, in a letter to M. Leroy, 1789.
But the only similarity that can be found between taxes and death is that none are voluntary. Everything else in tax is considerably more regulated.
Taxation systems are not an invention of the modern world. In fact, they have been around for many centuries:
Before civilization had coined-money, taxes were paid to the authorities in different forms: delivering labour services, giving animals, fighting wars, etc. Taxes applied to almost everything: property, movement of goods, livestock, and other forms of economic activities at the time. Failure to pay the due taxes resulted in severe penalties. Nonetheless, there were multiple ways of easing the tax burden: tax contributors could nominate their own substitutes for rendering services or go to war on their behalf, and they could equally apply for exemptions and exceptions.
If we transpose the relative simplicity of taxation in the ancient world to the complexity of today�s global business environment, it becomes obvious that enterprises need to support their taxation requirements (within and across geographies) with powerful and reliable tools.
If you are a user of financial applications, in the role of a tax manager or as a business user, you often are exposed to the taxation aspects of the business you work in.
And Oracle has good news for tax managers: with Release 12, Oracle has delivered E-Business Tax that is a central tax engine where you define, simulate and action all legal regulations for tax treatment, across geographies and across business cycles (Procure-To-Pay and Order-To-Cash). To help you start the configuration of your tax regulations, you can use the seeded tax configuration library with sample tax data for dozens of countries, or choose to rely on a tax provider to seed that tax configuration for you.
Oracle has even better news for non tax users: E-Business Tax allied with the expertise of the tax manager, allows you not to worry about taxes in business transactions. You just carry on with your daily work and tax will be there for you, promptly and accurately.
More information on:
Oracle E-Business Tax Documentation Resources, Release 12 (Metalink note 397158.1)