Thomson Reuters has received a U.S. patent for its Universal Tax Determination Engine, which provides centralized control of tax policy and data-driven tax determinations for sales, use and value-added taxes.
The engine is included in the company’s ONESOURCE Indirect Tax software.
“This patent validates our innovation and leadership in developing indirect tax solutions for global companies of all sizes,” said Eric Ruud, senior vice president and general manager of ONESOURCE Indirect Tax at 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 of the Sabrix system that Thomson Reuters acquired in 2009.
The engine is designed to help businesses increase their calculation accuracy, consolidate the determination of indirect taxes into a single system, regardless of the type and location of the customer’s enterprise resource planning and financial systems, and centralize control of tax policy by the tax department with a single set of rules for sales and use taxes and VAT. The tax content in the software includes geographic boundaries, rates and rules for independent tax authorities. The tax determination logic is dynamically driven by the transaction data and tax content.
