May 14, 2013
Thomson Reuters Reinforces Global Indirect Tax Leadership Position with Limited Release of Solution Offering New Integration with SAP® Software
NEW YORK – Thomson Reuters today announced a new version of ONESOURCE Indirect Tax Integration in support of SAP® solutions. It is designed to meet the indirect tax needs of global companies doing cross border business in the regions of EMEA, Asia Pacific, Latin America, and North America. Already known as the global indirect tax innovators, with the first and only patented Universal Tax Engine®, this latest news builds upon the company’s ten years of global indirect tax implementation expertise in support of SAP solutions, which has resulted in successful implementations with some of the largest companies in the world. In addition, Thomson Reuters has in-house, worldwide tax experts to maintain the broadest and deepest coverage of tax content in more than 14,500 U.S. tax jurisdictions in more than 175 countries.
According to a recent survey titled, “The 2013 Benchmark Survey on VAT/GST” by KPMG International, two-thirds of respondents in Europe, Middle East and Africa and one-third in the rest of the world believe that VAT/GST rates will increase in the next three years indicating government’s continued reliance on indirect tax revenue. For businesses charted with collecting this tax on behalf of government, VAT/GST changes directly impact the operational resources required to achieve compliance.
“In the past, it was sufficient to keep abreast of in-country developments, however, as businesses increasingly go global, and with more countries relying on VAT and GST for revenue, companies must now be aware of what is happening worldwide,” said Eric Ruud, managing director of ONESOURCE Indirect & Property Tax at Thomson Reuters. “This latest version of ONESOURCE Indirect Tax Integration underscores our commitment to providing global integration solutions with the most widely used ERP systems. This is just one of the many ways we are helping global businesses achieve confidence and global transparency into their indirect tax compliance processes across all business entities and locations.”
ERP systems generally provide comprehensive and highly configurable tax code-based reporting that can be extended to provide box-level tax return reports. ONESOURCE Indirect Tax complements and extends these systems, helping users determine and calculate particular types of tax and offering reports that comply with specific rules and regulations. ONESOURCE Indirect Tax integrated with ERP systems:
- Streamlines tax calculation, determination, reconciliation, reporting, and audit preparation with a single, intuitive interface.
- Facilitates indirect tax planning so companies can identify and assess the overall impact of new tax configurations, as well as document their tax systems, policies, and processes.
- Helps guarantee data integrity by working in conjunction with ERP Financials to further ensure that the latest data is available for tax calculation.
- Accurately interprets government indirect tax policies then calculates and returns detailed tax results for over 175 countries.
- Accurately determines tax liability, eliminating tax penalties and interest costs, while reducing overall cost of compliance.
- Provides comprehensive audit trails to ensure Sarbanes-Oxley 404 compliance.
ONESOURCE Indirect Tax Integration, now available in support of SAP solutions, is part of the Thomson Reuters end-to-end indirect tax solution that delivers initial tax determination, and calculation to final compliance reporting, all supported by highly skilled CPAs and legal experts who maintain the widest coverage of global tax content. This newest version of ONESOURCE Indirect Tax Integration is currently being released to a limited number of clients and is scheduled to be generally available in the latter half of 2013. Find out more information on ONESOURCE Indirect Tax.
Thomson Reuters is the world's leading source of intelligent information for businesses and professionals. We combine industry expertise with innovative technology to deliver critical information to leading decision makers in the financial and risk, legal, tax and accounting, intellectual property and science and media markets, powered by the world's most trusted news organization. With headquarters in New York and major operations in London and Eagan, Minnesota, Thomson Reuters employs approximately 60,000 people and operates in over 100 countries. For more information, go to www.thomsonreuters.com.
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