SOURCE: UBmatrix

UBmatrix

March 30, 2010 08:00 ET

Belgian Federal Public Service Finance Selects UBmatrix as XBRL Technology Provider for Corporate Tax Reporting Modernization Project

Aims to Improve Accuracy and Efficiency of Tax Collection Through XBRL and Power of XBRL Formulas

REDWOOD CITY, CA--(Marketwire - March 30, 2010) -  UBmatrix, Inc., the leading provider of eXtensible Business Reporting Language (XBRL) software solutions, announced today that the Belgian Federal Public Service Finance has selected UBmatrix as the software vendor for the implementation of their Tax Reporting System Project (Stiron). UBmatrix will be working with systems integrators Computer Sciences Corporation and Aguilonius Consulting on the implementation of this project. UBmatrix previously provided XBRL tools and expertise along with Deloitte Consulting Belgium to develop the XBRL taxonomy (VenSoc) for the Federal Public Service Finance.

Belgian Federal Public Service Finance is responsible for the centralization and accounting processing of all revenues and expenditure of the Federal Government. It annually collects approximately 500,000 corporate tax returns. In search of improving the efficiency of the tax collection mechanism, the agency issued a request for proposal for a system that would improve the efficiency of processing the returns through increasing the level of data quality and implementing an automatic audit and profiling of returns for further investigation. Based on the success of other regulator-driven XBRL projects, the agency made XBRL an explicit requirement for the project. UBmatrix partnered with CSC and XBRL specialist Aguilonius Consulting to win the project.

"Belgian Federal Public Service Finance's use of XBRL for data quality and XBRL formulas as a way of expressing business rules demonstrate a clear vision of how to improve the efficiency of tax collection," stated Sunir Kapoor, President and CEO of UBmatrix. "We are pleased to be helping turn this vision into reality."

UBmatrix previously worked with Deloitte Belgium on the agency's VenSoc project to develop the XBRL taxonomy to be used by the Tax Reporting Modernization project. The resulting XBRL taxonomy takes advantage of the XBRL Formula specification to provide the agency a platform for quickly and easily implementing business rules to 1) improve the accuracy and efficiency of tax collection, 2) provide user friendly assistance to the filers and 3) allow an easier and faster integration into all Tax Reporting software.

About XBRL

XBRL is a language for the electronic communication of business and financial data which is revolutionizing business reporting around the world. It provides major benefits in the preparation, analysis and communication of business information. It offers cost savings, greater efficiency and improved accuracy and reliability to all those involved in supplying or using financial data. XBRL is an open standard, free of license fees. It is maintained by XBRL International (xbrl.org), an international non-profit consortium of over 600 major companies, organizations and government agencies.

About UBmatrix

UBmatrix, Inc. is the leading provider of XBRL-based software solutions for global organizations and enterprises, enabling them to more efficiently and effectively address the challenges of business and financial information management, GRC, and external reporting. UBmatrix markets through an extensive network of OEM partners, including Oracle, SAP, Information Builders, and Wolters Kluwer, and implementation partners including Aguilonius Consulting, CapGemini, Ciber, CSC, Deloitte, NTT Data, and Umanis. Users of UBmatrix solutions include the FDIC, Banque de France, and Keane Federal Systems, under contract to the U.S. Securities and Exchange Commission. UBmatrix XBRL solutions increase operational efficiency and financial transparency, and ensure reporting accuracy and regulatory compliance. UBmatrix is based in Silicon Valley with development centers in Bellevue, WA, and New Delhi, India. For more information, visit www.ubmatrix.com.

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