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.”
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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.
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