ONESOURCE Indirect Tax – Sales and Use and VAT/GST Determination and Compliance Software

• Tax calculation, determination, and reporting
• Tax compliance and returns
• Monthly tax content updates
• Integration of tax to finance applications

Real world results include:

• Reduction of up to 30 percent in VAT compliance costs.
• Uncovered millions of dollars in tax overpayments during reverse audits.
• Saved companies hundreds of million dollars in tax process efficiencies across a hundred different tax applications.
• Eliminated a significant amount of manual processes and tax overrides AND involvement by IT.
• Have reduced the number of tax codes by as much as 98 percent, thus eliminating the chance of inconsistencies and inaccurate processing of invoices.
• Ability to run millions of transactions a day through patented tax determination engine, integrated with multiple ERP applications.

Thomson Reuters ONESOURCE Indirect Tax global determination software is a patented, on-premise, global indirect tax solution that integrates in real time with financial applications to provide the determination, calculation, and recording of transaction taxes. The global determination software has a proven history of being first to support emerging country taxation and new global legislative initiatives, such as the EU VAT changes in 2010, the UK VAT reduction in 2008, the EU VAT Package initiative announced in February 2008, and Ireland’s VAT increase in 2008.

ONESOURCE Indirect Tax global determination software enables companies to consolidate all tax policy in one central location. All enterprise-wide applications can utilize a single, scalable instance of ONESOURCE Indirect Tax and still deliver business-specific tax policy across multiple business systems. As a result, Thomson Reuters enables companies to cost-effectively maintain compliance and simultaneously manage and respond to anticipated and unanticipated business change across the organization. It includes SSAE 16 certified tax content process that supports sales and use tax rates and rules for the U.S., VAT and GST rates and rules for over 175 countries.

ONESOURCE Indirect Tax is unique in the industry, offering configuration tools that can be used to determine the most accurate tax possible given limited transaction data. This applies to not only addresses such as ship-to and ship-from, but other data elements that may be missing from the transaction. The tax professional has wide-ranging flexibility and control to ensure that the company’s tax policies are applied to all transactions — even when data is limited.

By taking a consolidated approach to managing indirect tax, customers are able to cost-effectively achieve a higher level of compliance and improve cash flow by reducing or eliminating penalties interest and overpayments, while expediting revenue collection and if necessary VAT recovery.

• There are no limitations on the number of transactions that can run through the system or how you might want to deploy the system for test, development and production.
• We provide a complete end-to-end solution that automates the tax Determination (i.e., determination, calculation and recording), and the Compliance Returns (i.e., filing and remittance).
• Our Tax Control Panel and Workbench is geared for both Tax and Technical self-sufficiency and usage. In other words, Tax can control tax policy without burdening IT to do so.
• Our integration products to leading financial applications are proven and powerful, and have no practical limitations on the amount of data and logic in support of your desired tax treatments.
• Our advanced reporting product that is based on SAP’s business objects business intelligence technology toolset.  
• Ongoing Tax Research and Content can be set up to be automated and unattended.