Fonoa Enhances Indirect Tax Compliance Solutions with PwC Deal

Fonoa Strengthens Its Position in Tax Tech Industry

Fonoa Technologies, the pioneering global end-to-end indirect tax automation platform, has recently completed a significant acquisition. This move includes the integration of the Global Indirect Tax Compliance (GITC) solution from PricewaterhouseCoopers (PwC UK). This acquisition is set to bolster Fonoa's offerings, providing businesses with enhanced capabilities in handling indirect tax matters.

Enhancing Tax Compliance with GITC

The GITC product is designed to help companies with partial exemptions when operating in various jurisdictions. It currently serves over 40 clients, focusing primarily on the financial services sector. By incorporating GITC into its range of solutions, Fonoa is expanding its platform to accommodate even more needs related to indirect tax.

Comprehensive Integration of Tax Solutions

Following the acquisition, GITC will be seamlessly integrated with existing Fonoa products, including tax ID validation, tax calculations, e-invoicing, return filing, and tax information reporting. This unification under a single technology platform signifies a powerful step toward simplifying the tax compliance process for businesses.

Fonoa’s Commitment to Clients

Fonoa’s continuous investment in enhancing its product platform emphasizes their commitment to supporting some of the largest and most rapidly growing enterprises globally. Clients such as Uber, Dell, Netflix, Zoom, Intuit, and Bolt rely on Fonoa’s expertise to navigate the complexities of indirect tax compliance. Unlike traditional software providers, Fonoa's agility and innovation provide an edge that businesses increasingly value.

Statements from Leadership

Davor Tremac, CEO and co-founder of Fonoa, expressed his enthusiasm about the acquisition: “With this acquisition, indirect tax teams at companies worldwide are able to protect their valuable time, minimize repetitive work, and leverage best-in-class technology. This enables them to be more proactive and add value to their business in real-time.” Tremac believes that this acquisition represents a generational change, enhancing efficiency through advanced technology and expert industry insights.

Steve Couchman, a partner at PwC, also shared his thoughts on the transaction: “Fonoa’s global reach and specialist experience in indirect tax technology make them the right acquirer to continue investing in the development of GITC. We remain committed customers of GITC to support our tax compliance services.”

About Fonoa Technologies

Fonoa Technologies is dedicated to automating the indirect tax functions of enterprise companies, powering hundreds of millions of transactions worldwide. Through a plug-and-play platform, they offer a versatile solution for validating tax IDs, calculating taxes, generating e-invoices, reporting transactions, and filing tax returns, all under one roof.

About PricewaterhouseCoopers

The purpose of PwC is to foster trust in society while addressing critical challenges. Operative in 151 countries, their network comprises over 364,000 professionals committed to delivering excellence in assurance, advisory, and tax services. PwC remains dedicated to solving the essential problems that impact clients and communities.

Frequently Asked Questions

1. What company has Fonoa acquired?

Fonoa has acquired the Global Indirect Tax Compliance (GITC) product from PwC.

2. How does GITC assist businesses?

GITC provides a unique solution for managing partial exemptions across multiple jurisdictions.

3. Who are some of Fonoa's key clients?

Some notable clients include Uber, Dell, Netflix, and Zoom.

4. What is Fonoa's main focus after this acquisition?

Fonoa aims to integrate GITC with its existing product suite to streamline indirect tax processes for clients.

5. What benefits does Fonoa's platform offer?

The platform offers automated solutions for tax ID validation, tax calculations, e-invoicing, and more in one integrated system.

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