Thomson Reuters Granted Patent for Universal Tax Determination Engine
(Thomson Reuters ONE) -
Streamlined system eliminates data silos to minimize errors and achieve
compliance with confidence
NEW YORK, June 16, 2011 - The Tax & Accounting business of Thomson Reuters today
announced it has been granted a U.S. Patent for its Universal Tax Determination
Engine (UTDE). The patent for invention number 7,933,803, part of the ONESOURCE
Indirect Tax solution, provides centralized control of tax policy and data
driven tax determination for sales, use, and value added tax (VAT).
"This patent validates our innovation and leadership in developing indirect tax
solutions for global companies of all sizes," said Eric Ruud, SVP and general
manager of ONESOURCE Indirect Tax, Thomson Reuters. "With today's increasingly
complex and competitive market, the most successful businesses will be those
that leverage their intellectual property to give customers the assurances they
are looking for when buying technology-based products and services."
Developed to address ever-changing and complex tax laws mandated by multiple
taxing authorities, the UTDE was the cornerstone in the development of the
Sabrix solution which was acquired by Thomson Reuters in 2009. Businesses
leveraging Thomson Reuters patented UTDE benefit from:
* Increased calculation accuracy
* Consolidated determination of indirect taxes into a single system,
regardless of type and location of customer Enterprise Resource Planning
(ERP) and financial systems
* Centralized control of tax policy by the tax department with a single set of
rules for sales, use, and VAT
* Tax content that includes geographic boundaries, rates, and rules for
independent tax authorities
* Tax determination logic that is dynamically driven by transaction data and
tax content
Customers worldwide have benefited from ONESOURCE Indirect Tax solutions.
"Before our patented approach, many companies with various indirect tax types
and with multiple ERP systems had little choice but to implement siloed, error-
prone tax determination systems that put them at risk for incurring compliance
penalties," said Gary Allen, vice president of Technology for ONESOURCE Indirect
Tax. "Our consolidated indirect tax determination approach eliminates data
silos for highly efficient tax compliance at a lower cost."
ONESOURCE Indirect Tax from Thomson Reuters is used by hundreds of clients,
including five of the Fortune 10, whose revenues total over $1.7 trillion.
"We were looking to extend the tax determination power of our ERP," says Dennis
Culin, director of Business Transformation at Lenovo. "With ONESOURCE Indirect
Tax and its consolidated determination approach, we have a simple system, a
single set of rules that the tax department could control - not IT and not the
end user - to make sure that our tax liability was accurate."
-End-
About Thomson Reuters
Thomson Reuters is the world's leading source of intelligent information for
businesses and professionals. We combine industry expertise with innovative
technology to deliver critical information to leading decision makers in the
financial, legal, tax and accounting, healthcare and science and media markets,
powered by the world's most trusted news organization. With headquarters in New
York and major operations in London and Eagan, Minnesota, Thomson Reuters
employs more than 55,000 people and operates in over 100 countries. Thomson
Reuters shares are listed on the Toronto and New York Stock Exchanges (symbol:
TRI). For more information, go to www.thomsonreuters.com.
CONTACT
Aimee Quemuel
Codey Communications
aimee(at)codeycommunications.com
+1 415 753 9005
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Thomson Reuters Corporation via Thomson Reuters ONE
[HUG#1523839]
Unternehmensinformation / Kurzprofil:
Datum: 16.06.2011 - 15:30 Uhr
Sprache: Deutsch
News-ID 55624
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