Thomas Reuters, a business information services provider and global news agency, has unveiled its Indirect Tax (IDT) Determination Anywhere platform that brings edge computing to corporate tax and accounting professionals.
The Determination Anywhere platform is a patent-pending, cloud-based tax technology platform that works on top of existing infrastructure. It provides accurate and secure tax calculations for private and public cloud or on-premises setups.
Through its close proximity to transaction systems, Determination Anywhere can work as a rapid tax determination engine at any point of a transaction and within any required channel.
Thomas Reuter’s internal testing and development found the platform to be twice as fast as traditional cloud solutions as a result of it removing network latency.
Sunil Pandita, president of corporates at Thomson Reuters, said: “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 new edge platform has been launched in conjunction with Thomas Reuters’ inaugural “2021 Indirect Tax Report”, which highlights how the growth and complexity of indirect taxes is affecting compliance and operational efficiency. The report’s key takeaway was that 80 percent of global tax managers are facing significant challenges with IDT compliance.
Determination Anywhere utilises Thomas Reuters’ ONESOURCE tax software and cloud-based technology to increase tax calculation speeds whilst maintaining necessary compliance and security standards.
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