Zytax Compliance will automate the filing of our excise taxes increasing efficiency and reducing audit risk as we scale our operations. FuelQuest is the only company to provide the tax capabilities we need across all U.S. jurisdictions.
Houston, TX (PRWEB) February 09, 2012
FuelQuest Inc., the leading on-demand software and services company for the global downstream energy industry, announced today a five-year contract with Chemoil Energy Limited. Headquartered in Singapore, Chemoil is one of the marine and aviation fuel industry’s leading global suppliers with integrated operations in Los Angeles, New York, Houston, Singapore, London, Panama, United Arab Emirates and the ARA region (Antwerp, Rotterdam and Amsterdam). Chemoil will use FuelQuest Zytax Determination to automate tax calculation for supply quotes and invoices, and Zytax Compliance to streamline filing of energy and fuel excise taxes. Both products will ensure greater processing accuracy, consistency, and efficiency for all its subsidiaries.
“As we pursue our aggressive growth strategy worldwide, Chemoil in the US will use Zytax Determination to ensure that every area of our business, beginning with aviation fuel, provides accurate tax quotes and invoice amounts to our customers, which will drive operational consistency and a better quality of service," said Bhavesh Chauhan, system comptroller, Chemoil Energy Limited. “Zytax Compliance will automate the filing of our excise taxes increasing efficiency and reducing audit risk as we scale our operations. FuelQuest is the only company to provide the tax capabilities we need across all U.S. jurisdictions.”
FuelQuest Zytax Determination identifies and calculates in real-time applicable volumetric taxes for energy-related transactions. Available as a Software as a Service (SaaS) offering, Zytax Determination also includes automatic updates of U.S. and international rate and rule changes, relieving companies of the burden and risk of tracking and applying them on their own. The software provides companies the following benefits:
- Accurate and consistent tax determination across disparate systems, organizations, and business entities,
- Reliable fuel tax quotes and faster invoice payment,
- Greater corporate scale covering the simplest to the most complex volumetric tax scenarios, and
- Reduced audit risk and improved audit defense.
FuelQuest Zytax Compliance automates the importation of motor fuels excise tax data from back-office systems, evaluation of applicable schedules and returns, creation of signature-ready returns, and electronic filing where applicable. Also available in a SaaS model, Zytax Compliance streamlines tax processing reducing errors that can lead to fines, fees, and penalties. The software provides companies the following benefits:
- Automated, end-to-end filing from data import to electronic filing,
- Compliance with frequently changing rules, rates, and forms for all U.S. jurisdictions,
- Increased consistency and reliability of the filing process, and
- Improved reporting support for audits and amendments.
FuelQuest provides tax automation solutions for companies of all sizes across multiple industries including fuel retail, distribution, supply, and trading as well as rail, airlines, and trucking. Customers include 7-Eleven, BNSF, Canal Barge, Epic Aviation, Global Companies, Mercuria Energy Group, Murphy Oil, Northern Tier, Shell Oil, Sinclair Oil, United Airlines, and hundreds more.
“Chemoil is clearly a worldwide leader in marine and aviation fuel supply, and we are pleased to provide them with tax solutions that will allow them to scale their operations and provide a better service to their customers,“ said Phil Fraher, COO and CFO of FuelQuest. "Whether determining a specific tax liability or complying with government filing requirements, the accuracy and reliability that FuelQuest tax automation provides are essential for a company that values operational consistency, reliability, and customer loyalty."
As one of the marine fuel industry’s leading suppliers, Chemoil delivers energy through controlling all key stages of the marine fuel supply chain, providing exceptional value to its customers and maximizing profitability by converting expenses to assets - acquiring, developing and controlling physical infrastructure within the supply chain. It has integrated operations in Los Angeles, New York, Houston, Singapore, London, Panama, United Arab Emirates, India and the Amsterdam-Rotterdam-Antwerp (ARA) region. Its affiliated companies include Galaxy, Burando, GPSChemoil, ChemoilAdani and OceanConnect Marine. The aviation division based in Fort Lauderdale will be at the forefront of aviation fuel supply worldwide. Established in 1981, Chemoil continually challenges industry practices and provides leadership through its progressive and innovative approach to delivering energy. It has been at the forefront of supplying cleaner fuels to meet customer demands in light of changing legislation to protect the environment. Chemoil was listed on the Main Board of Singapore Exchange Securities Trading Limited (SGX-ST) on December 14, 2006. More information on Chemoil is available at http://www.chemoil.com.
FuelQuest provides on-demand fuel management, tax automation, and compliance solutions for suppliers, distributors, buyers, and traders of petroleum products and other energy commodities. FuelQuest's solutions deliver operational and financial value to over 650 customers. These customers include leading global oil companies, international retailers, shippers and government entities. FuelQuest's fuel management solutions help customers manage the complexity, regulation and market volatility for more than 19 billion gallons of gasoline and diesel fuel annually. Its Zytax solutions ensure compliance and accuracy for tens of billions of dollars of energy-related excise taxes per year. Learn more at http://www.fuelquest.com.