We hope you had a great summer, we know we did! We’ve got some significant updates to give you more control over handling your corporate and indirect tax data. Additionally, we have introduced new custom access permissions to provide you with greater flexibility in managing the access of an individual user.

With the VAT/GST trend analysis graphs, you can easily analyze the evolution of your key indirect tax date for each VAT/GST registration. From now on, you cannot only track your VAT/GST returns but also other additional filing obligations such as Intrastat, EC listing, and annual consolidated returns.

You can manage the VAT registrations which joined a VAT group, track VAT group members, and all VAT obligations of the VAT group. We note that only VAT registrations labeled as ‘main’ and registered in the same country as the VAT group can be added to the VAT group.

You cannot only track your active VAT registrations. As of now, you can indicate that you have started the VAT registration process and that the VAT number is pending.

Furthermore, you are now able to record the VAT recovery rate percentage and supporting documents.

Last but not least, we have added several new data points to the VAT figures table: total WHT VAT, Zero-rated/exempt sales, Cash position, Penalties, Interest, and Notes.

With this release, you can document the tax losses, the utilization, the expiry date, the not utilized losses, and the deferred tax assets. We have added the possibility to create CTX consolidations and track the membership of those who joined and left the consolidation.

We’ve improved custom role creation & editing. You can now give granular access to Notes, Document repository, Chart, and the creation of new legal entities. This allows you to further customize access to individual users. You can invite your external advisors, legal or treasury colleagues, and only provide access to a limited set of data and features.

We have added additional emails to inform you about workflow task status changes right in your inbox. You will now be informed when a new workflow is started, when an approver needs to approve a task and when the task is approved or rejected.

We have further increased the interactivity of the Chart. You can easily export the Chart into PDF to be shared outside of Loctax. It will also have a timestamp included to indicate the freshness of the report.

You can now display the “VAT registrations”, “directors” and “essential to monitor assets” on top of the legal entities in the LOC. What does this mean for you?

Attachments in multiple formats can now be added to notes. This way you can add supporting documentation to your Notes in-line. Additionally, we have also made it possible to share the notes with the entire organization, previously you could only do that with individual users.

It’s now possible to show, hide, sort, and resize columns on the dashboard view. Also added new columns “Starting date”, “Closing date”. In the Audit findings section, we’ve added Provision in local accounts as well as Provision in consolidated accounts, both in local as well as group currency.