IFTA Fuel Tax Software – Tax Return Information
According to International Fuel Tax Agreement (IFTA) between United States of America and Canada, every licensee operating within the jurisdiction of IFTA member states, shall have to file tax returns; in-accordance with the rules laid down by this agreement. IFTA fuel tax software is a highly advanced software technology which is designed to assist its user (any licensee) in reporting and filing of tax returns as per the guidelines of IFTA. Under the section R940 of the ‘Articles of Agreement’, specific tax return formats have been introduced. A licensee may follow any of the standard, non-standard format or electronic return format, as per its authority and applicability.
Under section R950 of ‘Articles of Agreement’ each jurisdiction shall utilize a standard tax return form that contains some required information. This specifically required information is in-accordance with the ‘IFTA Procedure Manual’ P720. The standard tax return shall contain, but not to be limited to, certain specific elements. A brief and related description of these elements is as follows:
1. Name and mailing address of the jurisdiction issuing the tax return;
2. The licensee’s IFTA license number;
3. Name and address of the licensee;
4. Tax reporting period of the tax return;
5. Total distance traveled in all jurisdictions during the tax reporting period; including operations with trip permit;
6. Total fuel consumed in all jurisdictions during the tax reporting;
7. The types of fuel consumed during the tax reporting period etc.
Apart from the above elements, other kinds of information are also required at the time of filing tax returns.
IFTA fuel tax software contains certain specific features, which preserves the aforesaid elements of information throughout the desired period of time. Hence, this software can be utilized to extract all the requisite information, which is required at the time of filing tax returns. IFTA fuel tax software is systematically designed to preserve various records, which may be required to substantiate the tax returns. Information such as total distance traveled in all jurisdictions in the reporting period, total fuel consumed in all jurisdictions during the tax reporting period, types of fuel consumed etc can be stored and extracted from this software, at the time of requirement. In addition to the preservation of information, this software may also assist a licensee in IFTA tax calculations and in carrying out intricate accounting or bookkeeping procedures.
IFTA fuel tax software is a highly sophisticated software technology, which was devised with the motive to simplify the irksome tasks and procedures, needed to be followed by all the licensees operating within the jurisdiction of IFTA member states. This software technology is very elegantly designed to provide its users, all the required information for filing tax returns. A licensee can utilize this software to efficiently manage all its transport operations. IFTA fuel tax software has induced a phenomenal efficiency in the highway transportation system, within the jurisdiction of IFTA member states.
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