August 31, 2023
Thomson Reuters ONESOURCE product enhancements help more corporate customers reduce complexity of indirect tax
New features in ONESOURCE indirect tax product suite support multi-nationals with data residency requirements, specialist tax determination, and expanded e-filing coverage
TORONTO, August 31, 2023 – Thomson Reuters (NYSE/TSX: TRI), a global content and technology company, today announces a series of updates to its ONESOURCE indirect tax solutions. Enhancements across the product suite support multi-national customers with navigating the complexity of corporate tax and compliance. Available as part of the latest product releases, extended functionality supports data residency requirements, indirect tax determination in specialist industries, and expanded coverage for e-filing compliance.
“In multi-national businesses, every transaction flows through the tax department. Our Future of Professionals research tells us that for three-quarters of in-house tax professionals, protecting the business is a top priority,” says Ray Grove, Head of Product, Transactional Compliance at Thomson Reuters. “The stakes are high in indirect tax, and with the latest product releases in ONESOURCE, Thomson Reuters is bringing new innovative capabilities to corporate tax departments and removing complexity from indirect tax determination and compliance.”
Thomson Reuters’ Innovation and Product Enhancements Include:
Data residency with ONESOURCE Determination Anywhere – Doing business across multiple jurisdictions, through more sales channels and changing supply chains brings complexity for corporate businesses. Data residency concerns add to the challenges, and complying with data laws or regulatory requirements in the country where the data resides is essential. ONESOURCE Determination Anywhere is built to help businesses to comply with requirements, and its features include:
- Offering customers full control over security and data residency compliance in a multi-tenant cloud solution that updates in real time for the latest tax information.
- Supporting corporate businesses located in countries where audited transaction data must be stored locally, as tax data resides next to the transaction systems within their existing infrastructure.
Availability: ONESOURCE Determination Anywhere is part of the ONESOURCE Indirect Tax Determination product suite, available globally.
ONESOURCE Determination Oil & Gas – Calculating the correct tax for indirect, excise, and environmental taxes for businesses in the global oil and gas industry is an essential part of day-to-day operations and periodic compliance reporting. ONESOURCE Determination Oil & Gas includes:
- Comprehensive content to help businesses determine, calculate, and record indirect tax and environmental fees.
- Supports coverage in upstream, midstream, and downstream operations, including retail.
Functionality enhancements bring customers in the motor fuel industry the flexibility to create custom tax content, including for the United States market, and Operating License Types unique to their business’s situation, ensuring they can meet their tax obligations.
Availability: ONESOURCE Determination Oil & Gas is part of the ONESOURCE Indirect Tax Determination product suite, available globally.
Simplified international e-filing with ONESOURCE Indirect Compliance – Thomson Reuters continues to simplify e-filing for multi-national businesses with the latest advancements in ONESOURCE Indirect Compliance expanding to more countries. Coverage is now available in Cyprus, Thailand, and additional corrective filings in Poland, adding to the 30 countries and over 80 different filings that are already supported.
Availability: These enhancements are available globally as part of the July and August 2023 product releases in ONESOURCE Indirect Compliance.
Expert advice from Thomson Reuters’ tax researchers – Corporate indirect tax departments are under pressure to stay up to date with the latest global tax rates, laws, and regulations to ensure their companies remain tax compliant. The ONESOURCE indirect tax content team constantly monitors global tax law changes to support determination in over 200 countries. The latest research available to customers covers:
- US: Retail product taxability content for multiple states in specific areas such as tire fees, beverages, public investment fees, and public utility fees.
- International: Agricultural content for multiple countries, food and beverage, healthcare services, pharmaceutical, transportation, and plastic taxes in Europe.
Availability: Worldwide tax research is available in-product as part of the ONESOURCE Indirect Tax Determination suite.
Thomson Reuters (NYSE/TSX: TRI) (“TR”) informs the way forward by bringing together the trusted content and technology that people and organizations need to make the right decisions. The company serves professionals across legal, tax, accounting, compliance, government, and media. Its products combine highly specialized software and insights to empower professionals with the data, intelligence, and solutions needed to make informed decisions, and to help institutions in their pursuit of justice, truth, and transparency. Reuters, part of Thomson Reuters, is a world-leading provider of trusted journalism and news. For more information, visit tr.com.
Director, Customer and Product PR
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