New functionality supports increasingly complex indirect tax needs
Thomson Reuters today announced a new version of ONESOURCE Indirect Tax; an end-to-end solution that delivers initial tax determination and calculation through to final compliance reporting.
The release underscores Thomson Reuters’ commitment to provide global solutions that help small to medium-sized businesses and global multinational corporations achieve confidence and global transparency in their indirect tax compliance processes across all business entities and locations.
ONESOURCE Indirect Tax is already the leading global indirect tax compliance solution, and this release extends functionality and coverage to 42 countries including Bulgaria and Romania. It also adds new e-filing capability in Australia and group functionality in Finland, Slovakia, Portugal and Romania.
In a recent survey (“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 governments’ 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.
Highlights of the latest release include:
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- Major new functionality to help Intrastat compliance including new coverage across nine EU
- countries, enhanced coverage across European Sales and Purchase Listings and direct filing.
- Enhanced automation functionality to drive greater efficiency and improve process control.
- A suite of additional analytics to help drive down risk and improve compliance data accuracy.
“In the past, it was sufficient to keep abreast of in-country developments. However, as businesses increasingly go global and more countries rely on VAT and GST for revenue, companies must now be aware of what is happening worldwide,” said Mike Roberts, managing director, corporate market, for the Tax & Accounting business of Thomson Reuters. “This is just one of the many ways we are helping global businesses achieve confidence and global transparency in their indirect tax compliance processes.”
ONESOURCE Indirect Tax is supported by tax experts who maintain the broadest and deepest coverage of tax content in more than 175 countries.
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