Our RPA solution identified the relevant tax rate for a specific financial transaction.
Tax rates are determined based on the location of transactions and attract tax levies from federal, state, county, municipal, and city tax regulations. During transactions, tax can be underpaid or overpaid, leading to penalties or refunds. Tax regulations are complex because tax rates are determined by factors such as type of product or service, usage of product / service, quantities, and waivers.
Infosys developed a comprehensive business rules engine that captured all tax provisions at the federal, state, county, municipal, and city level. Our RPA solution validated transaction tax calculations and recommended corrections in the event of a discrepancy.