OneTree presents version 3 of VRCA, the only commercially available pan-European solution for VAT refunds
In compliance with the modifications and enhancements to the VAT refund directive (2008/9/EC) for September 2010, OneTree Solutions has revealed several new features for its VAT Refund Core Asset (VRCA).
- (1888PressRelease) July 20, 2010 - OneTree Solutions has revealed several new features for its VAT Refund Core Asset (VRCA), the only commercially available pan-European solution for compliance of Ministries of Finance and Tax Administrations with the European Commission Directive for VAT Refund (2008/9/EC).
Continued compliance with the EU VAT refund directive
The European Commission has announced modifications and enhancements to the existing specifications of the VAT refund directive, to come into effect in September 2010. These modifications and enhancements will be embedded in version 3 of VRCA, which will be offered as a free-of-charge upgrade to all OneTree customers with a valid Support & Maintenance contract.
"OneTree adapts VRCA as required, in order to provide full compliance with the latest specifications of the VAT refund directive" commented Dr. Panagiotis Konstantinidis, Sales Manager of OneTree Solutions.
New VRCA modules
Version 3 of VRCA will also offer new modules, which will further extend the functionality and increase the usability of VRCA.
*The new VRCA reprocessing module (optional) allows Member States acting as either MSEST or MSREF to easily and reliably re-process VAT refund applications (claims) that contain errors. This will facilitate the Member State to resolve erroneous VAT refund claims and re-instate them to a regular status again for further processing.
*The new VRCA administration module (optional) allows easy backup of all operational data (databases, file systems, etc.), as well as real-time monitoring of important system parameters, in order to give VRCA administrators of a Member State visibility about the health and performance of the system and allow them to manage the system effectively.
Freedom for the future
OneTree continues offering VRCA as a risk-free, guaranteed contingency measure, which can be implemented in parallel (not necessarily as a replacement) with any Member State's IT system, which has not been completed.
Having met legal compliance with the help of VRCA, a Member State still has freedom of choice for the next steps:
*It can decide to replace VRCA with its own custom-built IT system (once the latter has been completed and fully tested for compliance).
*It can decide to keep VRCA and enhance it further; have its functionality extended; have it integrated with existing IT systems, etc.
"VRCA can help a Member State to quickly implement an operational system for the complete processing of the VAT refund process. VRCA is a clear example of how OneTree provides undisputed value through business solutions, which fully justify and protect the investment of our customers for many years to come" commented Dr. Denis Avrilionis, Managing Director of OneTree Solutions.
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