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FuelQuest Inc., a provider of fuel software and infrastructure solutions, yesterday acquired the fuel excise-tax compliance business and technology marketed as XzyTax from Green Bay-based ZyQuest Inc.
XzyTax software calculates taxes when an order is placed or a quote is generated. XzyTax also allows retailers to gain access to enterprise software and consulting services for the automated calculation and reporting of motor fuel excise taxes for petroleum refiners, suppliers, terminal operators, and for governmental taxing authorities.
The company's clients include, Citgo Petroleum, Equiva Enterprises, Murphy Oil Corp. and Ultramar Diamond Shamrock. In addition over 400 independent petroleum marketers, and the state tax offices of Montana, Nebraska and Tennessee use XzyTax motor fuels excise tax compliance solutions.
"Excise taxes can total in excess of 30 percent of a fuel distributor's product price. Even small errors can be costly, so accuracy is essential." said Mike Swan, president of ZyQuest Inc. "XzyTax software automatically updates rate changes for all domestic jurisdictions as needed, for an accuracy level that is very difficult and costly for large marketers to achieve manually."
XzyTax products will be marketed in conjunction with other FuelQuest technologies under a new ZyTax brand, said FuelQuest President and CEO Richard Cilento.