Software Helps Global Companies Comply with Dynamic Indirect Tax and VAT Landscape

by CFO Innovation Asia Staff, 17 July 2012

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Thomson Reuters has announced the latest release of the Onesource Indirect Tax global software suite. Designed to help global companies deal with thousands of indirect tax and value added tax (VAT) changes a year, the latest release leverages a company’s existing systems, while increasing the speed and accuracy of the indirect tax compliance process.

“Multinational corporations have complex structures, various operational and software systems, expansive product lines and multiple locations. Add to the mix increasingly dynamic and ever changing indirect tax rules and regulations, and achieving compliance can be extremely challenging,” said Gary Allen, vice president of software technology, Onesource Indirect Tax.

Allen says the significant release of ONESOURCE Indirect Tax eases the burden associated with global compliance, and also makes filings more accurate and easier to manage.

The suite includes the Onesource Indirect Tax Determination 5.5 module which offers several new features that enable a product to be dynamically assigned to a transaction, an ERP tax code to be associated with a tax result and returned to the source system.

In addition, the release includes new configuration web services, enhanced user interface and new logic for calculating tax for Brazil ICMS tax substitution.

The Onesource Indirect Tax Reporting 6.2 delivers a new library of system configuration reports, new detail-level and summary-level tax reports, new compliance data extract reports, and a simplified deployment configuration utility.

The latest addition to the tax software suite, Indirect Tax Certificate Manager empowers organisations to efficiently manage the burdensome process of the exemption certificate lifecycle. The module enables control of the exemption certificate management process and provides efficiencies to reduce operating costs, mitigate risks, and increase accuracy.

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CFO Innovation Asia Staff

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There are new tools and

Submitted by Aakash Chatterjee on 25 March 2013 - 6:22pm

There are new tools and software being launched that help businesses conduct their affairs in a hassle free way. Those who are into online business they should consider taking help of web-based applications that enhance their productivity.

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