Solution to help global companies more effectively comply with dynamic indirect tax and VAT landscape
New York, July 12, 2012 - Thomson Reuters today 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.
"As a global company in business since 1897 and with more than 5,000 products that are manufactured at 197 sites in 36 countries, serving customers in approximately 160 countries including Brazil, known for the most complex indirect tax process in the world, our indirect tax and VAT solution needs to be the best in class," said Hans Hartman NEA Finance Director at Dow Chemical. "As a Thomson Reuters ONESOURCE client and one of the first users of the newly enhanced features, we eagerly anticipate the official release of ONESOURCE Indirect Tax as it will significantly assist our accuracy and speed of filings, making effective use of our IT and work process resources."
"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. "We are excited to bring to market this significant release of ONESOURCE Indirect Tax that eases the burden associated with global compliance, and also makes filings more accurate and easier to manage."
Key new features include:
ONESOURCE Indirect Tax Determination 5.5 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. 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. ONESOURCE Indirect Tax Integration for SAP 5.2.0.0B (Basic US/CA) includes simplification to the install and setup process, a comprehensive documentation overhaul, and resolution to known issues. ONESOURCE Indirect Tax Integration for SAP 5.2.0.0E (Enhanced Global) delivers the following enhancements: mapping of ERP tax code to SAP, additional 5 user attributes returned to SAP based on a Java post-calc, resolution for incorrect debit/credit postings, improvements in the install and setup process, as well as fixing known bugs. ONESOURCE Indirect Tax Certificate Manager 1.0, a brand new feature and the latest addition to the ONESOURCE Indirect Tax global software suite. ONESOURCE Indirect Tax Certificate Manager empowers organizations to efficiently manage the burdensome process of the exemption certificate lifecycle. ONESOURCE Indirect Tax Certificate Manager enables control of the exemption certificate management process and provides efficiencies to reduce operating costs, mitigate risks, and increase accuracy.Availability The latest version of ONESOURCE Indirect Tax is available now. For additional information, visit http://onesource.thomsonreuters.com/solutions/indirect-tax/. For more information on the significant features and benefits in the new release of ONESOURCE Indirect Tax, go to: http://onesource.thomsonreuters.com/solutions/indirect-tax/july-product-release/
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CONTACT Aimee Quemuel (415) 753-9005mailto:[email protected]
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