In the oil and gas industry, success revolves around accurately pinpointing the location of precious natural resources in vast geographic expanses. For tax professionals, the implications are increased complexity and additional hurdles in the form of complicated situs rules, definitions, determinations, tax categories, overlapping jurisdictions (including home-rule cities and counties), and fluctuating legal interpretations and precedents.
Tax professionals must clear these hurdles while also contending with resource limitations and, in many instances, data management challenges associated with legacy technology systems. Plus, these complications continually evolve and vary depending on which industry segment – upstream, midstream, downstream – a company occupies.
Vertex O Series can help tax teams thrive in their ongoing showdown against oil & gas complexity, while also bolstering tax compliance. In addition, implementing this functionality results in process and efficiency improvements, financial benefits via tax minimization/recovery, and cashflow enhancements.