Thomson Reuters today announced the launch of the Indirect Tax (IDT) Determination Anywhere platform at its annual SYNERGY Conference for corporate tax and accounting professionals.
Determination Anywhere is a new patent-pending, cloud-based tax technology platform that sits on top of existing infrastructure – private and public cloud or on-premise solutions – enabling simplified deployment for the fastest, most accurate, and most secure tax calculations achievable on the market. Determination Anywhere's proximity to transaction systems offers tax professionals the power of a tax determination engine at any point of transaction, within any channel. Business users achieve exponentially increased tax calculation response times, while maintaining full control of centralized data – especially important to online retailers in the age of COVID-19. In testing and development, the platform removed network latency to deliver twice the performance over traditional cloud solutions.
"Corporate tax departments and specialists are constantly up against ever-changing tax regulations and complicated jurisdictional requirements that manual calculations and legacy systems simply can't compete with," said Sunil Pandita, president of Corporates at Thomson Reuters. "Cloud-based solutions are invaluable in incorporating regulatory changes as they happen, allowing for consistent monitoring, fast calculations, simple reporting, and reliable security. But, many businesses are comfortable with the security and control of their current solutions. The Determination Anywhere platform enables businesses to get the best of both worlds, addressing critical needs of our customers at a time when businesses need it most."
The platform was launched in conjunction with the Thomson Reuters Institute's inaugural 2021 Tax Technology Report, Indirect Taxes – Much More than Just a Process, illuminating how the growth and complexity of indirect taxes continues to impact compliance and operational efficiency across the global business landscape. The report found 80% of global tax managers reported significant challenges around IDT compliance, illustrating the increasing burden of indirect tax compliance on businesses in the wake of COVID-19.
Determination Anywhere can combine on-premise tax engines and enterprise cloud functionality using this edge-computing technology with managed tax calculations, within one single repository throughout the omni-channel (online, offline, across multiple store locations, social, affiliate marketing/referral sales, and more) in real time, all in one place. Utilizing the Thomson Reuters ONESOURCE corporate tax software user interface enables increased tax calculation speed, all while maintaining required compliance and security standards. Determination Anywhere's proprietary cloud-based technology ensures that tax rates and jurisdictional regulations are current and accurate, enabling reliable tax compliance, a frictionless customer experience and increased revenues for businesses.
Determination Anywhere enables tax professionals to:
Eliminate business disruption and downtime associated with updates and modifications to tax rates;
Implement new tax regulations easily, without bringing business processes to a halt and hindering productivity and profitability;
Monitor transaction performance and logs using corporate standard systems;
Deploy rates and corresponding calculations while maintaining compliant with data residency requirements, replicating other key business mechanisms;
Reduce technical footprint of traditional on-premise infrastructure, delivering twice the performance at a fraction of the cost; and,
Minimize risk and exposure to fines for tax teams and business functions overall.
The platform enables existing Thomson Reuters ONESOURCE Determination customers to deploy in the cloud, while maintaining the level of tax calculation performance, control, and security they've come to expect. The solution ensures speed of tax calculation performance, while also allowing users to maintain the control and security of their native, on-premise indirect tax solutions.
The Thomson Reuters flagship ONESOURCE Indirect Tax product is a cloud-based tax software solution that easily plugs into a customer's POS and provides automation and accuracy across tax and finance workflows from determination through final remittance and compliance. It easily works with other ONESOURCE products like Direct Tax and Global Trade Management.