June 8, 2023
Thomson Reuters empowers corporate tax departments with robust compliance and enhanced efficiency
ONESOURCE product innovation and technology partnerships deliver corporate tax leaders simple data management, streamlined workflows, duty optimization, and trusted support on global tax rules
TORONTO, June 8, 2023 – Thomson Reuters (NYSE/TSX: TRI), a global content and technology company, today announces a series of updates to its ONESOURCE tax solutions. Enhancements across the product suite support simplified tax data management and customizable workflows to ensure on-time filing and compliance – helping corporate tax departments stay ahead of regional and global tax reform and regulatory changes.
In addition to in-house product developments, new technology partnerships, including collaborations with Pagero, and Orbitax, position Thomson Reuters to support customers in automating and digitizing tax, eliminating manual work, and helping them to scale and grow their multi-national businesses.
“Our corporate customers trust us to inform the way forward – both for their businesses, and for their clients. Ensuring they can remain compliant across every aspect of the tax workflow is essential to their future success,” said Ray Grove, Vice President, Indirect Tax Product Management at Thomson Reuters. “These latest product updates are a great example of how we’re doing just that – bringing technology that drives compliance with regulatory changes and global tax rules. We’re collaborating with innovative technology partners and that’s helping us to bring unparalleled offerings to market. We’re excited to be at the forefront of helping our customers to digitize their processes using our technology and reap the rewards of the efficiencies that brings for their tax departments.”
Thomson Reuters’ Innovation and Product Enhancements Include:
Digitizing Invoicing Processes and Automating Compliance Using Pagero and ONESOURCE Indirect Tax – As governments accelerate digitalization, the global indirect tax regulatory and technology landscape is ever-changing. Today companies need agile technology and expert consulting services to maintain local compliance with cross-border operations. Evolving to e-invoicing is key to digital transformation in businesses and Thomson Reuters and Pagero have launched a strategic technology partnership focused on helping tax departments simplify their e-invoicing processes. Combining Thomson Reuters ONESOURCE Indirect Tax automation and accuracy with Pagero’s open, cloud-based business network, this partnership will enable customers to address their compliance needs more efficiently and effectively. Continuous transaction control (CTC) capabilities support mandatory business-to-government (B2G) e-invoicing and e-ordering, Pan European Public Procurement Online (PEPPOL), invoice clearance, and real-time transaction reporting.
Availability: The ONESOURCE and Pagero integration will be available as part of an early adopter program in September 2023.
Enabling Compliance: Global Minimum Tax with Orbitax and ONESOURCE Tax Provision – A partnership between Thomson Reuters and Orbitax is removing complexity for corporate tax departments looking to navigate the Pillar 2 rules from the Organization for Economic Co-operation and Development (OECD). Orbitax Global Minimum Tax, launched in partnership with Thomson Reuters, is an end-to-end software solution that addresses all aspects of the OECD Pillar 2 rules. It is specifically designed to help companies with the expanded level of data management and preparation needed to meet compliance requirements. Tax departments worldwide can use the software to comply with local country requirements, including rule tracking, updating country-specific calculation templates for reporting, and completing and filing forms. Integrated with Thomson Reuters ONESOURCE Tax Provision, alongside Pillar 2 risk assessments, it offers reporting, global compliance and forecasting. The product also supports local country implementations of the Pillar 2 rules including populating and filing of the GLoBE (Global Anti-Base Erosion Rules) Information Return.
Availability: The Orbitax Global Minimum Tax Solution integration with Thomson Reuters ONESOURCE Tax Provision integration is available globally.
Connecting Data and Processes to Free Up Time with ONESOURCE Tax Provision APIs – Designed to help tax departments connect and automate data between business systems, APIs enable faster execution of typically manually performed tasks across the tax lifecycle, without the need to log into ONESOURCE Tax Provision. This improved efficiency frees up time for customers to focus on strategic work, elevating corporate tax departments’ impact on the business.
Availability: ONESOURCE Tax Provision APIs are available globally.
Custom Analytics powered by ONESOURCE Income Tax Return and ONESOURCE Tax Provision Calculations Using Public APIs – Tax is an integral part of the financial close, and with ONESOURCE Income Tax Return and Tax Provision Analytics APIs, Thomson Reuters has opened up the application data for customers to use within their own in-house analytics tools, such as Power BI®, Tableau® and even Microsoft Excel®.
Availability: ONESOURCE Income Tax and ONESOURCE Tax Provision Analytics APIs are available globally.
Duty Optimization Supporting Supply Chain Success – Following unprecedented supply chain disruptions in recent years, there is continued industry focus on supply chain optimization. The recently launched ONESOURCE Free Trade Agreement (FTA) Analyzer supports customers with effective duty optimization, which is critical in helping businesses prioritize the most impactful opportunities to maximize savings. Launched as part of the ONESOURCE Global Trade suite of products, the solution offers decision-making and analytics, delivering up-to-the-day reports detailing which sourcing countries, trade lanes and trade agreements provide the most favorable return on investment, based on company-specific data.
Availability: ONESOURCE Free Trade Agreement (FTA) Analyzer is available globally.
Taking The Pain Out of Tax Data Management – Thomson Reuters ONESOURCE data solutions allow tax and finance professionals to worry less about gathering and converting data for use in tax manually. Through advanced automation, tax technologies ONESOURCE DataFlow and Data Hub play a vital role in reducing errors and making it easier to use data more securely and consistently as part of tax processes. These products are helping tax leaders gain greater control, delivering the transparency needed to reduce risks and prevent mistakes – such as paying too much or too little in taxes – as well as avoiding fines and penalties.
Availability: ONESOURCE DataFlow and ONESOURCE Data Hub are available globally.
ONESOURCE Events Debuts, Driving Collaboration – Fulfilling its commitment to tighten collaboration across tax ecosystems, in the first quarter Thomson Reuters released ONESOURCE Events. This new platform capability sends messages from ONESOURCE products to top accounting firms. These can then be leveraged in real-time workflow updates in Intela, and for e-file validation notifications.
Availability: ONESOURCE Events is available globally.
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 the world’s leading provider of trusted journalism and news. For more information, visit tr.com.
Director, Customer and Product PR
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