Efficient highway system is absolutely essential for a nation, in-order to carry out hurdle-free and smooth functioning of transportation and distribution mechanism, associated with its macro-economy. International Fuel Tax Agreement (IFTA) between United States of America and Canada was one such agreement, which was done to bring in efficiency in the highway system, falling within the jurisdiction of member states of these two nations. IFTA has laid down certain rules and regulations for all its associated licensees, operating within the jurisdictions of its member states. Although, IFTA has somewhat achieved its desired purpose, but it became bit difficult for various licensees to implement IFTA laws and procedures in their day-to-day business activities. IFTA fuel tax software has smartly addressed all the complex issues associated with the intricate procedures, which are required to be followed as per International Fuel Tax Agreement.

IFTA fuel tax software is a highly advanced, multi-purpose technology, which was designed to bring in efficiency in the functioning of various transport companies or individual licensees, operating within the framework of IFTA member states. As per IFTA ‘Articles of Agreement’, motor fuel taxes shall be imposed on various licensees by the IFTA member states. The licensee must report all the fuels placed in the supply tank of the qualified motor vehicle. Gasoline, propane, LNG, CNG, ethanol and methanol are some of the type of fuels, which are used for transportation. Therefore, a licensee has to calculate taxes according to the amount and the type of fuels used for a particular journey. This intricate task is made convenient by the IFTA fuel tax software; as this software is specifically designed to carry out all such tax calculations quite easily. A user has to just feed-in certain basic information like the distance traveled and the fuels used etc and all the taxes are calculated by this software very conveniently.

As per the rules of this agreement, every licensee operating within the jurisdiction of IFTA member states shall have to maintain certain records for tax and audit purpose. These complex recordkeeping tasks include- complete records of all motor fuel purchased or received, separate compilations of the totals of each motor fuel used, maintaining separate accounts for retail fuel purchased and bulk fuel purchased etc. These irksome records can be efficiently maintained through the fuel tax software. This software maintains and preserves all the important records as per the regulations of the International Fuel Tax Agreement. Moreover, this software also maintains all the essential documents which may be required to substantiate the information filed at the time of auditing.

IFTA fuel tax software has enabled various trucking companies and individual licensees operating in the aforesaid area to efficiently manage their fuel tax procedures, in-accordance with IFTA guidelines. This software has not only induced a high level of efficiency in the highway and transportation system, but has also simplified the complexities associated with the recordkeeping and tax-calculation procedures, faced by the licensees. IFTA fuel tax software is truly a multi-purpose technology, which has brought high degree of convenience and efficiency in the whole transportation system.