NuStar Energy Selects FuelQuest's ZyTax Enterprise Compliance Solution for Strategic Tax Management
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Industry-Leading Terminal and Pipeline Operator Deploys ZyTax to Automate the Determination, Compliance and Filing of Indirect Taxes
HOUSTON, May 15 -- FuelQuest, Inc., the leading on-demand software and services company for the downstream energy industry, announced today that NuStar Energy L.P. (NYSE:NS), formerly known as Valero LP, has chosen FuelQuest's ZyTax Enterprise Compliance solution to streamline its motor fuels excise tax filing requirements.
As a rapidly growing pipeline operator with 87 terminals across the nation, NuStar requires a solution that standardizes the determination and reporting of its indirect taxes. With a host of recent acquisitions, NuStar's tax department was faced with integrating disparate systems, filings and processes. Rather than attempt to build a proprietary in-house platform, the company made the decision to standardize on ZyTax.
"We process hundreds of thousands of transactions per month and ZyTax alleviates the tax department of many manual processes, which helps us manage our tax liability more effectively," said Audra Fahey, Director of Tax for NuStar Energy. "ZyTax, which is now implemented in 32 jurisdictions, minimizes reporting risks, helps us avoid penalties and consolidates electronic and paper filings to meet all state and federal requirements."
Along with producing schedules and signature-ready tax forms, the solution also simplifies ExStars and back-filings which is a notable advantage given the transition from the 4010 to 4030 electronic format last year. As a result, NuStar is realizing enhanced efficiencies, improved tax liability management and elevated productivity.
"The ZyTax Enterprise Compliance reduces organizational risk by ensuring timely and accurate filings that are compliant with all state and federal standards," said John Beaty, Vice President-Global Tax Solutions for FuelQuest. "In addition to reducing compliance complexities, the solution has the ability to scale with the company as it continues to grow."
About NuStar Energy L.P.
NuStar Energy L.P. is a publicly traded, limited partnership based in San Antonio, with 9,113 miles of pipeline, 87 terminal facilities and four crude oil storage tank facilities. One of the largest independent terminal and petroleum liquids pipeline operators in the nation, the partnership has operations in the United States, the Netherlands Antilles, Canada, Mexico, the Netherlands and the United Kingdom. The partnership's combined system has approximately 80 million barrels of storage capacity, and includes crude oil and refined product pipelines, refined product terminals, a petroleum and specialty liquids storage and terminaling business, as well as crude oil storage facilities. For more information, visit NuStar Energy L.P.'s web site at http://www.nustarenergy.com/.
About FuelQuest
FuelQuest provides on-demand, web-based supply chain management and tax automation technologies for suppliers, distributors, buyers, and traders of petroleum products and other energy commodities. FuelQuest solutions deliver operational and financial value to over 750 customers. These customers include leading global oil companies, international retailers, shippers, and government entities. FuelQuest solutions help customers manage the complexity, regulation, and market volatility of billions of gallons of gasoline and diesel fuel annually. ZyTax solutions process tens of billions of dollars of motor fuels excise taxes per year.
Source: FuelQuest, Inc.
CONTACT:
Media,
Cindy Sartain,
Director of Events & Communications of FuelQuest,
888-645-7768
Web site: http://www.fuelquest.com/
http://www.nustarenergy.com/
