Microsoft launches universal tax rate API for Dynamics 365 Finance, SCM, and Project Operations

Microsoft has announced general availability for the universal tax rate API for Microsoft Dynamics 365 Finance, Supply Chain Management, as well as the project management and accounting functionality of Project Operations. The universal tax rate API makes it easier for companies to manage multiple and frequently changed tax rates and rules across various tax jurisdictions worldwide.

Microsoft has released the API as a standardized solution to simplify communication between D365 Finance and Supply Chain Management and third-party tax solution providers. The API offers a consistent, reliable interface for data exchange, eliminating the need for extensive customization and simplifying the integration process, according to Microsoft.

The first vendor to integrate with the API is Vertex, which announced the release of Vertex for Microsoft Dynamics 365 tax calculation service.    

The benefits of the universal tax rate API include: