OneTree presents VRIPS, the flexible solution for intelligent processing of VAT refund claims
OneTree Solutions has revealed VRIPS, its new solution for processing VAT refund claims according to the directive for VAT Refund (2008/9/EC).
- (1888PressRelease) December 01, 2010 - Luxembourg - OneTree Solutions, based in Luxembourg, revealed VRIPS, its new solution for processing VAT refund claims according to the VAT refund directive 2008/9/EC.
VRIPS (VAT Refund Intelligent Processing Solution) is a Pan-European offering, targeted to the tax authorities and the Ministries of Finance of the European member states, which are responsible for the processing of incoming VAT refund claims from other European member states.
Intelligent VAT refund processing
VRIPS allows tax authorities to determine a set of rules, which determine how VAT refund claims will be processed. Based on those rules, a VAT refund claim coming from another member state will be processed automatically (fully accepted, fully rejected or partially accepted), semi-automatically (following a simple confirmation of the pre-selected decision) or manually (with full-editing capabilities).
VRIPS allows both acceptance and rejection rules, which fully respect the European VAT Refund directive 09/2008. The rules can pertain to a combination of any properties of the VAT refund claim (e.g. given goods code, specific provider, refund period validity, minimum requested amount, etc.), or even take previous claims into account. All rules are fully customizable according to the requirements of the European member state.
Flexible implementation
VRIPS can operate as a standalone solution, which streamlines the processing of the VAT refund claims and fully support the decision-making process of the tax authority. There are two versions of VRIPS:
*VRIPS-L is a lightweight version that applies the processing rules on the incoming VAT refund claims waiting in the incoming CCN-queue. It then tags all VAT refund claims accordingly. The claims may then be imported by the existing (third-party) VAT refund solution of the tax authority for transmission through the CCN-Gateway.
*VRIPS-E is an extended version that apart from the processing rules, also includes MSREF functionality, i.e. a web-based interface for the semi-automatic and manual decision making workflow that has to be executed by the staff of the tax authority. The finalized decisions are then prepared for transmission through the CCN-Gateway.
VRIPS can be seamlessly integrated with VRCA, the VAT Refund Core Asset of OneTree.
Benefits
*Increased efficiency and lower cost based on the ability to process more VAT refund claims in less time and with less staff
*Avoidance of interest payment due to processing delays
*Ability to spend more time on important claims, e.g. ones with high amounts or increased risk for fraud
*Quality and compliance. All claims are processed according to the same predefined rules
"VRIPS is a product that capitalizes on the extensive knowledge of OneTree on the VAT refund domain and the related operational processes. The focus of OneTree on Smart VAT solutions can help EU member states to perform more intelligently, more flexibly and with less cost", commented Dr. Denis Avrilionis, Managing Director of OneTree Solutions.
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