New York — Thomson Reuters has announced a new version of its ONESOURCE Indirect Tax Integration for businesses using SAP, which is designed to meet the transactional tax needs, such as sales and VAT, of global companies doing cross-border business in the regions of EMEA, Asia Pacific, Latin America, and North America.
With the first patented Universal Tax Engine,this latest system adds to the company’s ten years of global SAP indirect tax implementation experience, which includes SAP implementations with some of the largest companies in the world. In addition, Thomson Reuters has in-house, worldwide tax experts to maintain the broadest and deepest coverage of tax content in more than 14,500 U.S. tax jurisdictions in more than 175 countries.
According to a recent survey titled, “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 government’s 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.
“In the past, it was sufficient to keep abreast of in-country developments, however, as businesses increasingly go global, and with more countries relying on VAT and GST for revenue, companies must now be aware of what is happening worldwide,” said Eric Ruud, managing director of ONESOURCE Indirect & Property Tax at Thomson Reuters. “This latest version of ONESOURCE Indirect Tax Integration for SAP underscores our commitment to providing global integration solutions with the most widely used ERP systems. This is just one of the many ways we are helping global businesses achieve confidence and global transparency into their indirect tax compliance processes across all business entities and locations.”
While ERP systems generally provide comprehensive and highly configurable tax code-based reporting that can be extended to provide box-level tax return reports, these systems are often limited when it comes to determining and calculating particular types of tax and offering reports that comply with specific rules and regulations. ONESOURCE Indirect Tax integrated with ERP systems:
- Streamlines tax calculation, determination, reconciliation, reporting, and audit preparation with a single, intuitive interface.
- Facilitates indirect tax planning so companies can identify and assess the overall impact of new tax configurations, as well as document their tax systems, policies, and processes.
- Guarantees data integrity by working in conjunction with ERP Financials to ensure that the latest data is available for tax calculation.
- Accurately interprets government indirect tax policies then calculates and returns detailed tax results for over 175 countries.
- Accurately determines tax liability, eliminating tax penalties and interest costs, while reducing overall cost of compliance.
- Provides comprehensive audit trails to ensure Sarbanes-Oxley 404 compliance.