Oracle and Wipro Technologies Co-develop Solution to Help Tax Authorities Optimize Revenue Collection Processes
Oracle announced the availability of Oracle Enterprise Taxation and Policy Management 2.3, the newest version of the secure, tax-specific, commercial off-the-shelf software solution that enables tax and revenue authorities to optimize revenue collection. Oracle and Wipro Technologies, the global information technology, consulting and outsourcing business of Wipro Limited (NYSE:WIT), co-developed the solution.
Tax authorities today are faced with unprecedented demands to increase efficiency and effectiveness. At the same time, the challenging global economy has decreased revenue collections and stretched revenue authorities’ resources to the limit. These administrations must quickly adapt to legislatively mandated changes, increase revenue collections and reduce non-compliance, all while maintaining a high level of service.
Oracle Enterprise Taxation and Policy Management 2.3 is a flexible, comprehensive, end-to-end tax and revenue management solution that provides a configurable alternative to custom-built systems for tax administration and collection. It enables revenue authorities to securely optimize all aspects of the revenue collection process and quickly respond to tax law and regulatory changes.
Now generally available, the new version includes a Web services adaptor for Oracle Policy Automation, enabling business analysts to write and test business rules using familiar tools such as Microsoft Word or Microsoft Excel, without dependence on expensive IT resources. This allows for faster implementation and greater responsiveness to changes.
Oracle Enterprise Taxation and Policy Management 2.3 provides out-of-the-box automation of core tax processing functions – including appeals, audit, bankruptcy and suppression – to enable faster and lower risk implementations.
The new version also provides a step-by-step detailed view of penalty and interest calculations, as well as more flexible account adjustment and manual penalty assessment features – helping revenue authorities increase transparency and improve taxpayer service.
The solution also provides enhanced security and compliance with industry security standards through new inquiry audit features and certification with Oracle Access Manager, Oracle Identity Management and Oracle Database Vault.
“Oracle and Wipro are partnering to provide comprehensive solutions to help tax authorities increase collections, close the tax gap and respond to legislative changes. The newest version of Oracle Enterprise Taxation and Policy Management provides revenue authorities with an integrated solution to enable near-term functional improvements, while providing the adaptability and flexibility needed to address future challenges,” said Andre van der Post, global director, tax solutions and strategy, Oracle Tax Global Business Unit.
“In today’s environment, tax legislations are dynamic and tailored to the needs of government authorities thereby accelerating processes like compliance, collections, audits and revenue accounting. Oracle Enterprise Taxation and Policy Management helps government measure key performance indicators to understand projected revenues, address compliance and provide better governance. Wipro’s domain expertise combined with Oracle applications helps to address government sector challenges to provide better citizen services and better governance,” said Uma Mahesh, head, government sector, Wipro Technologies.