Thomson Reuters has launched the Indirect Tax (IDT) Determination Anywhere platform, a new patent-pending, cloud-based tax technology platform that sits on top of existing infrastructure – private and public cloud or on-premises solutions –enabling accurate and secure tax calculations.
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.
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 percent 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-premises 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-premises infrastructure
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. The solution ensures speed of tax calculation performance, while also allowing users to maintain the control and security of their native, on-premises indirect tax solutions.
The Thomson Reuters flagship ONESOURCE Indirect Tax product is a cloud-based tax software solution that plugs into a customer's POS system and provides automation and accuracy across tax and finance workflows from determination through final remittance and compliance. It works with other ONESOURCE products like Direct Tax and Global Trade Management.