Thomson Reuters announced on November 15, 2021, the introduction of the Indirect Tax (IDT) Determination Anywhere platform at its annual SYNERGY Conference for corporate tax and accounting professionals.
As mentioned in the update, Determination Anywhere is a patent-pending, Cloud-powered tax tech 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.”
As explained in a release, Determination Anywhere’s proximity to transaction systems provides tax professionals with the power of a tax determination engine “at any point of transaction, within any channel.” Business users are able to “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,” the announcement revealed.
Sunil Pandita, President of Corporates at Thomson Reuters, stated:
“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. 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 introduced 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,” the update revealed.
Determination Anywhere is able to “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 Cloud-based tech “ensures that tax rates and jurisdictional regulations are current and accurate, enabling reliable tax compliance, a frictionless customer experience and increased revenues for businesses.”
For more details on this update, check here.