GEM Oil & Gas Matrix
Are you properly charging sales tax on all products and services in each jurisdiction?
State determination
Each GEM item includes statutes, regulations, administrative rulings and courts cases that are the current basis for the tax determination. This information is provided to you for reduce audit risk.
State tax rules
State tax rules determine taxability. Each state's tax rules are part of the GEM Matrix. Selling in Wyoming? GEM Wyoming Matrix includes drilling phases.
Granular item description
Each GEM item description is very granular. GEM item descriptions are very similar to actual oil and gas products and services descriptions. This reduces the risk of mapping error.
GEM Oil & Gas Sales Tax Matrix
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Point of sale
Each GEM Matrix is assigned a point of sale based on state law. Origination based state sourcing is sourced at the permitted location or other statutory place of business. Destination sourcing is sourced at the job site or well site. Hybrid sourcing is complicated but included.
Special tax rates
GEM Matrix includes special tax rates. Special tax rates are enacted rates for a specific service or product. Mississippi has a special tax rate for gross receipt for construction projects.
Exemptions
GEM Matrix includes statutory exemptions for each product or service that is tax exempt. Exemption certificate forms are conveniently linked to the correct exemption certificate.
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GEM Oil & Gas Sales Tax Matrix
No changes to your general ledger accounts
GEM Matrix does not require any changes to your general ledger accounts.
BYOM
Bring your own mapping. You may bring your own mapped items and get all the benefits of GEM sales tax calculation.
How do I start?
You will send to GEM a spreadsheet of your items and GEM will start mapping your items.
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GEM Oil & Gas Sales Tax Matrix
GEM product and service taxability matrix will identify the tax determination(taxable, nontaxable or exempt for each product and service. GEM matrix also provides the statute and regulation that supports each tax determination.
- GEM sales tax matrix for 24 oil & gas producing states
- Automated monthly review and update
- Add or remove products and services
- No changes required to your general ledger accounts
How do I get my products and services mapped?
First, we meet with you and help you decide the scope of your mapping. Mapping scope and scale depends on your selling activity in a state.
What is the next step?
You will send to GEM a list of the products and services that require mapping and GEM will start mapping.
What happens to my mapped products and services?
Your mapped products and services are added to your GEM account. You do not do anything to your general ledger accounts. GEM does all the work for you.
What else does GEM do?
GEM gives you mapped products and services with tax determination and statutory support. GEM also provide you with a GEM Accuracy Guarantee! If you are audited a tax is due for a GEM mapped product and service then GEM will pay any penalties and interest. See GEM Accuracy Guarantee.
My products and services are already mapped. Can I bring my own mapping and add to GEM?
Yes, you can bring your own mapping and add to GEM.
Do you have a tax question for GEM? Great! Ask GEM a tax questions.
